杨攻研,贾寅瑞

• 1:辽宁大学国际经济政治学院
• 2:中国人民银行河南省分行

摘要(Abstract)：

近些年来，中国在国际中的身份逐步由“捐助者”转变为“银行家”,其海外支出形式由传统意义的援助转向开发性金融。本文基于全球中国开发性金融数据库与世界银行非洲地区企业调查数据，使用中国六大生产性原材料与中国外汇储备作为工具变量，实证检验了中国开发性金融对非洲企业成长的正向促进作用。在对开发性金融进行分类、形式变换、企业子样本分析等一系列稳健性检验后，该结论依然成立。同时研究发现，中国开发性金融对政治和政府机构稳定的国家的企业(尤其是国有企业)有着更大的影响，进一步的机制分析表明，中国开发性金融能够通过改善基础设施、放松融资约束、规范市场制度推动非洲企业发展，并使企业劳动生产率和全要素生产率得以提高。本文从开发性金融的视角阐明了中国对非洲企业增长的正向作用，为全球发展框架下的“南南合作”有效性提供了有力支持。

关键词(KeyWords)： 开发性金融;非洲企业成长;工具变量

Abstract:

Keywords:

基金项目(Foundation): 2024年国家社会科学基金重点项目“地缘政治风险对我国企业供应链安全的影响及对策研究”(项目编号:24AGJ008);; 2023年辽宁省教育厅基本科研项目面上项目(项目编号:JYTMS20230742);; 2023年度辽宁大学亚洲研究中心亚洲问题研究项目重点项目(项目编号:Y202302)的资助

作者(Author): 杨攻研,贾寅瑞

参考文献(References)：

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• ① Dreher et al.(2022)认为中国在过去20年中从“躲猫猫”式的捐助者转变为了诸多发展中国家的第一贷款人，其海外发展项目不再侧重于援助而是债务。 (1)企业销售增长率是指当期的财政年与上一时期之间销售额变化的百分比,大多数国家为三年期的增长率,少部分国家为四年期或两年期的销售增长率。对于个别销售数据覆盖了4年或2年的国家,本文按照各自的时间跨度进行了计算,且销售额经过各国2009年GDP平减指数相统一。具体的销售增长率存在异常极值,本文去除了极值样本,将其规范在-1～1。 (2)为了尽可能验证中非合作的有效性,排除样本选择偏差因素的影响,我们在全球所有样本回归中引入代表非洲地区的虚拟变量和中国开发性金融的交乘项,其回归系数显著为正,再次表明中非在开发性金融领域的合作是有效的;进一步地,我们在非洲样本中依次单个剔除所有国家,以此确保我们的结论不会因某些特殊的国家而左右,其结果依然保持了良好的显著性。 (3)囿于篇幅,此部分稳健性检验结果在正文中略去。 (4)劳动生产率的测算方式为企业销售额除以固定员工人数,并计算其三年期的平均增长。关于企业全要素生产率,我们选用了世界银行下属的企业分析部门(World Bank's Enterprise Analysis Unit)通过企业调查(Enterprise Survey)数据公开发布的基于两种不同测算方式所得到的企业全要素生产率(World Bank,Enterprise Analysis Unit.2017.Firm Level Productivity Estimates.)。数据来源及测算方法详见:https://www.enterprisesurveys.org/en/enterprisesurveys