外国直接投资、外国证券投资与经济增长:以美国为例

Empirical Analysis on the Relationship of Foreign Direct Investment, Foreign Portfolio Investment and Economic Growth of America

本文以美国1972-2002年的统计数据为例,在建立VAR模型的基础上通过脉冲响应曲线和方差分解表对流入美国的外国直接投资(FDI)、外国证券投资(FPI)和经济增长之间的关系进行了实证研究,结果表明流入美国的FDI和FPI均有助于美国经济的增长。但相对而言,美国经济增长更加依赖于外国证券投资,研究还发现流入美国的FDI与FPI之间关系紧密,两者之间存在积极的良性互动关系,且FPI对FDI的影响明显大于FDI对FPI的影响。

Using the annual data of 1972 to 2002, this paper has empirical investigated the relationship of inward foreign direct investment （FDI） inward foreign portfolio investment （FPI） and economic growth of America respectively through impulse response function and variance decomposition based on the vector autoregressions （VAR） model. One finding is that FDI and FPI have both promoted America＇ s economic growth, but the growth does more relied on FPI, the other is that there has a complementary relationship between FDI and FPI, but the influence strength of FPI on FDI is stronger than that in the opposite direction.