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Outward Directs Investment, Firm Productivity, and Credit Constraints

In: Exchange Rate, Credit Constraints and China’s International Trade

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  • Miaojie Yu

    (Peking University)

Abstract

China is currently the third largest country in terms of outward direct investment (ODI), and the investors are mainly state-owned enterprises. This presents a question: what inhibits the private enterprises from increasing ODI? Using a firm-level panel data set of Zhejiang province in China, we examine the impact of firm heterogeneity on private firm ODI. We have three main findings: first, higher productivity level contributes to better access of ODI, and increases ODI value as well; second, lowering a firm’s financial constraint level can increase both the probability and volume of ODI; third, productivity cannot offset the negative effect of financial constraint on private firm ODI.

Suggested Citation

  • Miaojie Yu, 2021. "Outward Directs Investment, Firm Productivity, and Credit Constraints," Springer Books, in: Exchange Rate, Credit Constraints and China’s International Trade, chapter 0, pages 229-243, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-7522-8_8
    DOI: 10.1007/978-981-15-7522-8_8
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