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该文研究中国商业银行追随中国非金融类企业对外直接投资(OFDI)的跨国经营事实,将企业对外投资决策考虑进银行的目标函数之中,讨论了银行国际化经营的追随客户问题。基于2010年4月至2016年11月中资全国性银行的月度境外贷款数据,该文研究了中国非金融类对外直接投资对其影响。该文对中资银行境外分支机构进行细分,通过对2005-2015年国别面板数据进行的实证研究发现,银行境外分行设立受到中国非金融类企业对外直接投资发展的影响最为显著。同时结合中国工商银行境外机构客户与中国非金融类对外直接投资企业数据,进一步证实了中国银行业国际化过程中追随客户OFDI的行为特征。
This paper studies the fact that China’s commercial banks follow OFMN’s cross-border operation of foreign direct investment (OFDI), considers the decision-making of overseas investment into the objective function of banks, and discusses the follow-up of clients with internationalized bank operations. Based on the monthly overseas loan data of Chinese-funded national banks from April 2010 to November 2016, this paper studies the impact of China’s non-financial OFDI on China. This article subdivides the overseas branches of Chinese-funded banks. Based on the empirical study of country panel data from 2005 to 2015, it is found that the establishment of overseas branches of banks is most significantly affected by the development of OFDI by Chinese non-financial corporations. At the same time, combining the overseas institutional clients of ICBC with the data of China’s non-financial OFDI enterprises, it further confirms the behavioral characteristics of following OFDI clients in the process of internationalization of Chinese banking.