企业国际化行为影响融资约束的实证研究

Based on the matching data of China Industrial Enterprise Data and OFDI Enterprise Directory from 2002 to 2013, this paper uses PSM-DID method to study the impact of corporate internationalization behavior on financing constraints. The results show that the internationalization behavior of enterprises significantly reduces the financing constraints faced by enterprises; after replacing the explanatory variables, the research conclusions are still stable. Further distinguishing between different ownership systems, different regions and enterprises of different scales for sample-by-sample regression, it is found that this effect is more obvious in private enterprises, small and medium-sized enterprises and enterprises in the eastern and central regions, and has no obvious influence on enterprises in the western region. Mechanism testing shows that international companies have alleviated financing constraHow does Enterprise Internationalization Affect Financing Constraintsints by increasing productivity and increasing profitability. Further, through the dynamic marginal effect test, it is found that the mitigation effect of export behavior on financing constraints is lagging behind, and the impact is significant in the third year after export.