Outward Direct Investment, Firm Productivity and Credit Constraints: Evidence from Chinese Firms

Wei Tian () and Miaojie Yu ()
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Wei Tian: Peking University
Miaojie Yu: Liaoning University

Chapter Chapter 6 in Outward Foreign Direct Investment of Chinese Enterprises, 2022, pp 165-177 from Springer

Abstract: Abstract China is currently the third largest country in terms of outward direct investment (ODI), with the investors mainly being state-owned enterprises. This presents a question: What inhibits private enterprises from increasing ODI ? Using a firm-level panel data set for Zhejiang Province in China, we examine the impact of firm heterogeneity on private firm ODI. We have three main findings: first, a higher productivity level contributes to better access to ODI, and increases ODI value as well; second, lowering a firm’s financial constraint level can increase both the probability and volume of ODI; third, productivity cannot offset the negative effect of financial constraint on private firm ODI.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-981-19-4719-3_6

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DOI: 10.1007/978-981-19-4719-3_6

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