Banking Agglomeration,Financing Constraint and Outward Foreign Direct Investment of Chinese Enterprises
Using the Directory of Enterprises(Institutions)Investing Abroad and information on banking branch-es,this paper examines the impact of banking agglomeration on enterprises'outward FDI based on data on Chinese in-dustrial enterprises'.The results of the study show that banking agglomeration significantly increases the probability of OFDI by firms by alleviating their financing constraints.Heterogeneity analysis shows that banking agglomeration has a significant promotional effect on OFDI of chemical industry firms and foreign firms,and a dampening effect on OFDI of private firms.This study is of great significance in promoting the reform of financial institutions and improving the fi-nancial service system to better support Chinese enterprises in"going out"and realizing a higher level of opening up to the outside world.
banking agglomerationfinancing constraintsOutward Foreign Direct Investment(OFDI)
NETL
NSTL
万方数据
