Economic policy uncertainty and Chinese companies' overseas investment

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-08-31 DOI:10.1016/j.iref.2024.103563

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Abstract

Overseas investment by Chinese enterprises is one of the critical trends in China's economic development in recent years, and more and more Chinese enterprises have begun to look at overseas markets to seek broader development space and resources. The study chooses publicly traded firms on the Shanghai and Shenzhen stock exchanges from 2011 to 2022 as its primary investigation pool, and confirms a series of findings:economic policy uncertainty negatively affects enterprises' overseas investment; good bank-enterprise relationship helps to improve Chinese enterprises' overseas investment. A good bank-enterprise relationship can help enterprises obtain financial support better, thus expanding overseas investment; government subsidies can drive Chinese enterprises to increase overseas investment. Government subsidies can mitigate the risk of Chinese enterprises' overseas investment to a certain extent, thus promoting the increase of Chinese enterprises' overseas investment; the impact of policy uncertainty on non-state-owned enterprises' overseas investment is more significant than that of state-owned enterprises.

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经济政策的不确定性与中国企业的海外投资

中国企业海外投资是近年来中国经济发展的重要趋势之一，越来越多的中国企业开始将目光投向海外市场，寻求更广阔的发展空间和资源。本研究选取 2011 年至 2022 年沪深交易所的上市公司作为主要调查对象，得出了一系列结论：经济政策的不确定性对企业海外投资产生负面影响；良好的银企关系有助于改善中国企业的海外投资状况。良好的银企关系可以帮助企业更好地获得资金支持，从而扩大海外投资；政府补贴可以推动中国企业增加海外投资。政府补贴可以在一定程度上降低中国企业海外投资的风险，从而促进中国企业海外投资的增加；政策不确定性对非国有企业海外投资的影响比国有企业更为显著。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.