Supply chain finance and outward foreign direct investment

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE Research in International Business and Finance Pub Date : 2024-10-10 DOI:10.1016/j.ribaf.2024.102620

Kai Wang , Ning Ding , Chenbo Wang

引用次数: 0

Abstract

This study empirically examines the impact of Chinese A-share-listed companies' supply chain finance (SCF) application on outward foreign direct investment (OFDI) by textually analyzing SCF keywords from listed companies' announcements from 2010 to 2021. The results show that applying SCF can significantly increase OFDI. Having taken the Staggered Differences-in-Differences (DID) test, Propensity Score Matching (PSM) test, entropy balancing (EB) method, and IV test to solve potential endogeneity problems, the results remain robust. Further, alleviating financial constraints and strengthening total factor productivity are critical mechanisms of SCF on OFDI. Moreover, the location of firms in regions with higher levels of the rule of law or advanced financial technology could further amplify the positive impact of SCF on OFDI. Finally, compared with exports, firms are more likely to choose OFDI. Besides the depth and breadth of OFDI, the investment amount of OFDI is also increasing because of SCF.

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供应链融资和对外直接投资

本研究通过对 2010 年至 2021 年上市公司公告中供应链金融关键词的文本分析，实证检验了中国 A 股上市企业应用供应链金融对对外直接投资的影响。结果表明，供应链金融的应用可以显著增加对外直接投资。通过交错差分（DID）检验、倾向得分匹配（PSM）检验、熵平衡（EB）方法和IV检验来解决潜在的内生性问题，结果依然稳健。此外，缓解金融约束和提高全要素生产率是 SCF 影响对外直接投资的关键机制。此外，企业位于法治水平较高或金融技术较先进的地区，也会进一步扩大 SCF 对对外直接投资的积极影响。最后，与出口相比，企业更倾向于选择对外直接投资。除了对外直接投资的深度和广度外，对外直接投资的投资额也因 SCF 而增加。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance