财政分权、官员任期与地区对外直接投资

Fiscal Decentralization, Official Tenure and Regional OFDI

地方政府在推动中国对外直接投资高水平发展方面发挥着重要作用。从地方政府激励视角出发,以2009-2019年的省级面板数据为研究样本,利用固定效应模型实证研究财政分权与官员任期对地区对外直接投资的影响。研究结果表明:财政分权与地区对外直接投资显著正相关;地区对外直接投资随着官员任期增加呈先降后升的U型变化趋势。这些结论在进行更严格的U型关系检验、稳健性检验以及考虑内生性问题后仍然成立。

Local governments play an important role in promoting the high-level development of China’s outward foreign direct investment(OFDI).From the perspective of local government incentives,this paper takes the provincial panel data from 2009 to2019 as the research sample and uses the fixed effect model to study the impact of fiscal decentralization and official tenure on regional OFDI empirically.The results show that fiscal decentralization has a significant positive correlation with regional OFDI and that there is a U-shaped relationship between regional OFDI and official tenure.These conclusions are still valid after more rigorous U-shaped relationship test,robustness test and consideration of endogeneity.