我国对外直接投资企业财务绩效与影响因素的实证研究

论文总字数：41425字

摘 要

随着中国经济的发展，“一带一路”战略的展开，越来越多中国企业加入到走出国门的队伍中，在我国对外直接投资发展迅猛的背景下，我国企业依旧面临着境外投资和跨国管理经验不足，抵抗风险能力较弱等问题，需要完备的科学研究支持。本文主要通过建立一套综合财务绩效评价体系，对我国对外直接投资企业绩效的影响因素进行实证分析，以期得出对我国企业对外直接投资具有指导意义的结论。

本文选取我国A股上市公司2015年发生对外直接投资行为的368家企业作为研究样本, 首先利用因子分析法，构建涵盖盈利能力、营运能力、偿债能力、发展能力、现金流量状况五个方面的综合财务绩效评价体系，研究样本企业综合财务绩效。接着，本文利用多元线性回归模型，对我国对外直接投资企业绩效的影响因素进行了实证分析。实证结果表明，东道国的腐败控制程度对企业的综合财务绩效有正向影响，股权集中度较高的企业综合财务绩效更好，国有属性的企业具有政策优势，对企业财务绩效有积极的影响。而东道国的经济水平对我国对外直接投资企业的综合财务绩效的影响不显著。最后，结合实证检验的结果对我国对外直接投资企业提出对策和建议。

关键词：对外直接投资，财务绩效，影响因素，因子分析

Abstract

With the development of China's economy and the development of the "one belt and one way" strategy, more and more Chinese enterprises have joined the outgoing investment. Under the background of the rapid development of China's foreign direct investment, Chinese enterprises still encounter the risks of lacking overseas investment and transnational operation experience and disability to control the risk, desperate for more scientific theoretical support. By making up an all-round financial evaluation mechanism, this paper analysis the antecedents of China's foreign direct investment enterprises’ revenue, with a view to drawing a conclusion of guiding significance for China's enterprises' overseas investment.

Firstly, the paper selects 368 Chinese A-share listed companies that invested in 2015 as research samples. Firstly, we use factor analysis method to establish a comprehensive financial performance evaluation system including profitability, operating ability, solvency and development ability. We study the synthesis of sample enterprises’ financial performance. The empirical results show that the degree of ownership concentration, enterprise attributes and the degree of corruption control in the host country have a significant positive impact on the financial performance of FDI enterprises in China. The degree of corruption control in the host country has a positive impact on the comprehensive financial performance of enterprises. However, the economic level of the host country has no significant impact on the comprehensive financial performance of China's foreign direct investment enterprises. Finally, according to the results of this research, this paper brings come probably valuable suggestions for related enterprises.

KEY WORDS: foreign direct investment, financial performance, influencing factors, factor analysis

目 录

摘要 Ⅰ

Abstract Ⅱ

第一章 绪论 1

1.1研究背景和意义 2

1.2 研究方法与技术路线 2

1.3 相关概念界定 3

1.4 创新与不足 3

1.4.1 本文的主要创新点 4

1.4.2 本文的研究局限 4

第二章 文献综述 4

2.1 关于对外直接投资能否对企业财务绩效产生积极影响的研究 5

2.2关于对外直接投资企业绩效影响因素的研究 5

2.2.1宏观环境角度的影响因素研究 6

2.2.1企业自身角度的影响因素研究 7

2.3 文献评述 9

第三章 我国对外直接投资企业财务绩效综合评价体系构建 10

3.1 研究方法 11

3.2 样本选取和数据处理 11

3.3 我国跨国企业境投资财务绩效综合评价体系的构建 12

3.4 财务指标因子分析结果 13

4.5 本章小结 19

第四章 我国对外直接投资企业财务绩效的影响因素实证分析 19

4.1 研究假设 19

4.2 模型建立与变量定义 21

4.3 相关性分析 22

4.4 回归分析 23

4.5 稳健性检验 27

4.6 本章小结 28

第五章 结论与建议 28

5.1 研究结论 28

5.2 对策建议 29

参考文献 30

致 谢 32

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