Financial spillovers of foreign direct investment: Evidence from China

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2024-01-14 DOI:10.1016/j.jinteco.2024.103890

Haoyuan Ding , Shu Lin , Shujie Wu , Haichun Ye

引用次数: 0

Abstract

We study the financial spillovers of Foreign Direct Investment (FDI) to local suppliers through a trade credit channel and a bank loan channel. Using rich Chinese firm-level data, we provide robust evidence that a high concentration of FDI in downstream industries substantially reduces domestic suppliers' trade credit provision and improves their access to bank loans, especially unsecured loans. A variety of empirical strategies suggest that the effects are causal. Furthermore, the beneficial bank loan effect is more pronounced for local suppliers facing more severe information frictions. We also use supplier-customer links to provide additional evidence for FDI's financial spillovers.

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外国直接投资的金融溢出效应：来自中国的证据

我们研究了外商直接投资（FDI）通过贸易信贷渠道和银行贷款渠道对本地供应商产生的金融溢出效应。利用丰富的中国企业层面的数据，我们提供了有力的证据表明，下游行业中外国直接投资的高度集中大大减少了国内供应商的贸易信贷供应，并改善了他们获得银行贷款（尤其是无抵押贷款）的机会。各种经验策略表明，这些效应是因果关系。此外，对于面临更严重信息摩擦的本地供应商来说，银行贷款的有利效应更为明显。我们还利用供应商与客户之间的联系为外国直接投资的金融溢出效应提供了更多证据。

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

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.