Chinese Development Finance and the Growth of African Enterprises: Evidence from the World Bank Enterprise Survey
Gongyan Yang;Yinrui Jia;
Abstract:
In recent years, China's international status has gradually changed from “benefactor” to “banker”, and its overseas spending has shifted from traditional aid to development finance. Based on the data of the Global China Development Finance Database and the survey of African enterprises of the World Bank, this paper uses China's six major productive raw materials and China's foreign exchange reserves as instrumental variables to empirically test the positive role of China's development finance in promoting the growth of African enterprises. These conclusions still hold under a series of robustness tests, including classification, form transformation and enterprise sub-simple analysis. At the same time, it is found that Chinese development finance has a greater impact on enterprises(especially state-owned enterprises) in countries with stable political and government institutions. Further mechanism analysis shows that Chinese development finance can improve infrastructure, relax financing constraints, and standardize market institutions to promote the development of African enterprises, and improve the labor productivity of enterprises. From the perspective of development finance, this paper clarifies China's positive role in the growth of African enterprises, which provides strong support for the effectiveness of “South-South cooperation” under the global development framework.
Key Words:
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
Authors: Gongyan Yang;Yinrui Jia;
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
- Gongyan Yang
- Yinrui Jia
- School of International Economics and Politics
- Liaoning University
- Henan Provincial Branch
- the People's Bank of China
- Gongyan Yang
- Yinrui Jia
- School of International Economics and Politics
- Liaoning University
- Henan Provincial Branch
- the People's Bank of China