Research on the Impact of Financial Performance on Outward Investment of Enterprises:An Empirical Analysis Based on the Energy Industry
In the increasingly globalized economic environment,outward investment has become a key strategy for compa-nies to expand and grow.Financial indicators,as important tools for evaluation and decision-making,play a crucial role in enterprises'outward investment.Therefore,based on the financial data and outward investment information of listed companies in the energy industry from 2007 to 2023,this paper explores the impact of financial performance on outward investment from four aspects:profitability,operational capability,growth capability,and debt repayment capability,and analyzes how these financial indicators affect the investment decision-making process of enterprises.The research finds that superior financial performance can significantly promote the increase of outward investment by enterprises.Higher government subsidies can en-hance the impact of comprehensive financial performance,profitability,operational capability,and growth capability on enter-prises'outward investment.Further analysis reveals heterogeneity in these impacts among enterprises with different ownership structures and technological levels.Therefore,enterprises should closely monitor their financial and growth capabilities when investing abroad and actively seek government subsidies to strengthen their financial advantages.Meanwhile,the government should guide enterprises to prioritize financial performance and develop differentiated subsidy policies.
Corporate Financial PerformanceOutward Direct InvestmentEnergy IndustryHeterogeneity
NETL
NSTL
万方数据
