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

In: Outward Foreign Direct Investment of Chinese Enterprises

Author

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  • Wei Tian

    (Peking University)

  • Miaojie Yu

    (Liaoning University)

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.

Suggested Citation

  • Wei Tian & Miaojie Yu, 2022. "Outward Direct Investment, Firm Productivity and Credit Constraints: Evidence from Chinese Firms," Contributions to Economics, in: Outward Foreign Direct Investment of Chinese Enterprises, chapter 0, pages 165-177, Springer.
    • Handle: RePEc:spr:conchp:978-981-19-4719-3_6
    DOI: 10.1007/978-981-19-4719-3_6
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