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Article Title : Financial Development and Strategic Choice of Enterprise Finance Going to Sea based on Manufacturing Inspection Analysis
Author(s) : Zhengqing He, Siqin Rao
Corresponding Author : Zhengqing He
Keywords : Financial Development; Financial Strategy of Going to Sea; Financial Institution.

At present, in most developing countries, including China, the financing constraint has become the main factor restricting the export of their enterprises, and it has become increasingly difficult for enterprises to enter the export market. Based on the manufacturing inspection analysis, this paper uses A-share manufacturing listed companies listed on Shanghai Stock Exchange from 2014 to 2019 as samples to make an empirical study on the influence of China's financial development on the strategic choice of enterprises' financial going to sea. The empirical results show that: The improvement of a country's financial development level can alleviate the financing constraints, and this mitigation effect is greater in economically underdeveloped areas; The scale of financial development has an important influence on the financial strategy of enterprises going to sea, and there are differences between regions and industries in the "Self-selection" effect of Chinese OFDI enterprises; By introducing the virtual variable of financial crisis, this paper proves that the "Self-selection" effect of Chinese OFDI enterprises has "economic structure changes" before and after the financial crisis.