重庆交通大学学报（社会科学版）2026，Vol.26Issue(3)：110-122,13.
市场一体化和OFDI
Market Integration and Outward Foreign Direct Investment(OFDI)An Analysis Based on A-Share Listed Company Data
摘要
Abstract
This paper empirically examines how market integration affects the outward foreign direct investment(OFDI)of Chinese enterprises using the data of A-share listed companies from 2009 to 2019,with environmental,social,and governance(ESG)ratings of enterprises as the mediating variables.The degree of market integration is evaluated using the price index method.The study found that during the observation period,market integration can significantly promote the development of OFDI through the ESG channel.To accurately measure the scale of OFDI,the Tobit model was used for analysis.The research findings can provide certain help for understanding the relationship between market integration and OFDI,and have reference value for China to overcome international trade barriers and economic growth bottle necks in the new norm,and to develop higher quality OFDI.This paper not only provides a new perspective for understanding the relationship between market integration,ESG ratings,and OFDI,but also provides valuable insights for realizing the"dual circulation"in China's new development pattern,that is,promoting market integration and improving ESG ratings can effectively promote the outward investments of Chinese enterprises.关键词
市场一体化/ESG/对外直接投资/融资约束Key words
market integration/ESG/OFDI/financing constraints分类
管理科学引用本文复制引用
廖信林,严乐,林一沁..市场一体化和OFDI[J].重庆交通大学学报（社会科学版）,2026,26(3):110-122,13.基金项目
安徽财经大学研究生科研创新基金项目"市场整合对于出口转型升级的影响研究"(ACYC2023217) （ACYC2023217）
