3562 
3703中国政府有关企业开展对外直接投资（Outward Foreign Direct Investment，OFDI）的融资优惠政策以及对不同产权性质企业的优惠融资政策差异会影响企业的债务状况。文章利用2007-2015年A股上市公司样本，实证检验了对外直接投资如何影响不同产权性质企业的过度负债情况。研究发现，已开展OFDI非国有企业过度负债的可能性及其程度均高于国有企业；相对于政府控制层级越高的国有企业，已开展OFDI非国有企业过度负债的可能性及程度越高；已开展OFDI非国有企业与国有企业的过度负债差异的原因主要在于OFDI目标为技术寻求。最后，已开展OFDI非国有企业相对于国有企业的过度负债会降低企业价值；政府部门加强OFDI有关风险监管事件期间，相对于国有企业，过度负债的非国有企业在此期间的市场反应更差。文章丰富了对外直接投资的经济后果研究，为金融机构与政府评估对外直接投资有关的债务风险、加强监管提供了政策建议。
对外直接投资、产权性质与过度负债
摘要
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引用本文
连立帅. 对外直接投资、产权性质与过度负债[J]. 上海财经大学学报, 2019, 21(6): 111-127.
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