探索直接对外投资与融资约束 英文文献综述.doc

　　探索直接对外投资与融资约束 英文文献综述 探索直接对外投资与融资约束 英文文献综述 导读：直接对外投资与融资约束 英文文献综述ysassociatedent.Schumpeterentofenterpriseandinnovation,promotingeconomicdevelopment,KingandLevine(1993),RajanandZingales(1998),respectively,fromthenationalandindustrylevelsdemonstratedrol Direct foreign investment, financing constraints ： based on the data of Chinese enterprises 1、Background： Since 1978, China has bee one of the y， its groent of Chinas financial market is extremely loarket-oriented reforms and Chinas financial market is far arkets. Cull and Xu (2000, 2003) even believe that Chinas financial sector reform in the mid-1990s, the trend has reversed. As the fastest gro the above studies, rapid economic groent. Schumpeter ent of enterprise and innovation, promoting economic development, King and Levine (1993), Rajan and Zingales (1998), respectively, from the national and industry levels demonstrated role in promoting financial development on economic groen 3 4 5 6 7 8 9 探索直接对外投资与融资约束 英文文献综述 导读：直接对外投资与融资约束 英文文献综述andeconomicgroinformalfinancepoinofvieicgroitsoercialcrediperspec t and economic gro informal finance point of vieic gro its oercial credit perspectives on the financial support to Chinese enterprises to invest. Sandra (2008) confirms that the development of cross-border relationships s helps private domestic firms to bypass both the financial and legal obstacles that they face at home. And VC firms (and banks) rather invest (lend) in geographical areas close to their home base (Hursti Maula, 2007; any advantages associated ented in the literature. Geographic diversification offers a range of exploration and exploitation benefits (Lu Beamish, 2001). Y.Huang (2003) research from the perspective of FDI this new interpretation of the Chinese enterprises in the financing constraint 3 4 5 6 7 8 9 探索直接对外投资与融资约束 英文文献综述 导读：直接对外投资与融资约束 英文文献综述thuseasingfinancingconstraintsfacedbyenterprises;A.Guariglia(2008)confirmedbymacrodata,FDIs;alternative;caneffectivelyimprovedistortionscausedb