CAJ | 학술논문

本文首先从理论上阐述了外商直接投资缓解民营企业融资约束的微观机制，并运用企业层面的统计数据佐证了上述机制的存在性，接下来基于面板数据就外商直接投资对民营企业的融资效应进行计量检验。实证研究发现：在产品市场，外商直接投资通过产业集聚效应缓解了民营企业的融资约束，其融资效应由合资企业、处于产业集聚区的非合资企业和未处于产业集聚区的非合资企业依次递减；而在信贷市场上，FDI对不同类型民营企业却起到截然相反的融资效应，对于合资民营企业起到明显的融资缓解效应，却加剧了非合资企业原本的融资困境。
본문수선종이론상천술료외상직접투자완해민영기업융자약속적미관궤제，병운용기업층면적통계수거좌증료상술궤제적존재성，접하래기우면판수거취외상직접투자대민영기업적융자효응진행계량검험。실증연구발현：재산품시장，외상직접투자통과산업집취효응완해료민영기업적융자약속，기융자효응유합자기업、처우산업집취구적비합자기업화미처우산업집취구적비합자기업의차체감；이재신대시장상，FDI대불동류형민영기업각기도절연상반적융자효응，대우합자민영기업기도명현적융자완해효응，각가극료비합자기업원본적융자곤경。
The paper theoretically and empirically analyzes the role of FDI in private firms＇ financing. We explain the micro-financing mechanism of FDI, and then use firm-level panel data to examine whether FDI alleviates the financing constraints of China＇s private firms. The empirical results show that FDI eases the financing constraint of private firms through industry cluster effect, while the effect of FDI in credit market depends on firm type. Joint venture private firms benefit from positive financing effect of FDI, while non-joint venture firms in non-cluster zone are crowded out domestic credit market because FDI borrows heavily from local bank.