CAJ | 학술논문

本文将中国上市公司的微观数据和省级层面的宏观数据相结合，研究外商直接投资对地方企业信贷约束的影响。研究结果表明，外商直接投资进入受到信贷约束的企业会缓解其信贷约束程度，如果此类企业在本地区信贷市场上进行的借贷增加，会增加其他企业进行借贷的困难程度，此时，从地区层面来看，企业的信贷约束程度会有所增强；相反，如果此类企业主要依赖于外国资本，则会减少本国信贷市场的竞争程度，从而也会降低其他企业的信贷约束程度，此时，地方企业的信贷约束程度会有所缓解。但平均而言外商直接投资的进入会缓解地方企业的信贷约束程度，减少资本错配所产生的效率损失。
본문장중국상시공사적미관수거화성급층면적굉관수거상결합，연구외상직접투자대지방기업신대약속적영향。연구결과표명，외상직접투자진입수도신대약속적기업회완해기신대약속정도，여과차류기업재본지구신대시장상진행적차대증가，회증가기타기업진행차대적곤난정도，차시，종지구층면래간，기업적신대약속정도회유소증강；상반，여과차류기업주요의뢰우외국자본，칙회감소본국신대시장적경쟁정도，종이야회강저기타기업적신대약속정도，차시，지방기업적신대약속정도회유소완해。단평균이언외상직접투자적진입회완해지방기업적신대약속정도，감소자본착배소산생적효솔손실。
Based on the micro data of listed companies and the macro data at provincial level, the paper analyses the impacts of FDI on credit constraints of local enterprises. According to the research, FDI helps to relieve credit constraints of the enterprises who receive foreign funds. However, if these enterprises borrow more from the local credit market, it will be more difficult for other enterprises to get loans and the credit constraints of local enterprises will be aggravated. On the contrary, if these enterprises mainly depend on foreign funds, the competition in the domestic credit market will be eased and the credit constraints of other enterprises will decrease. Therefore, the credit constraints of local enterprises will be relieved to some extent. On the average, FDI helps to relieve credit constraints of local enterprises and decreases efficiency loss resulted from capital mismatch.