东道国的融资环境和政府行为对于国际直接投资的影响

Effects of Host Country's Financial Environment and Government Behavior on FDI

本文提出一个假说———在其他条件相同的情况下,一国吸引FDI的多少与本国企业所受到的投资约束是相关的,这种约束越大,吸收的FDI就越多。本文通过FDI行业集中度的国际比较,揭示出中国FDI行业集中度极其低下这一特殊现象,指出中国之所以能吸收如此大量的FDI,其中一个原因就是,我国企业的投资行为受到了极其严厉的金融约束和政府行为的限制。在这样的背景之下,一部分不具有任何比较优势的外资进入了中国,占领了我国市场。这对于中国经济的进一步发展是极其有害的。

This article brings forward a hypothesis that under the same con dition, the FDI attracted by a country is related with domestic enterprises' inv estment restraint. And the stronger the restraint is, the more FDI one country c an absorb. Through the international comparison of the Industry Concentration De gree, this article reveals the special phenomenon that China' FDI Industry Conce ntration Degree is extremely low. One of the reasons why China can absorb such g reat FDI is that Chinese enterprises' investment behavior is under heavy financi al restraint and government regulation. Under such background, some foreign capi tal which doesn't have comparative advantage enters China and occupies Chinese m arket, which is extremely harmful for China's economic development.