FDI与技术外溢:基于金融发展的理论视角及实证研究

FDI and Technology Spillover:Theoretical and Empirical Research on the Role of Financial Development

本文在两阶段世代交叠（OLG）模型中考察了外资企业技术外溢效果是如何依赖于国内金融发展水平的。模型中代表性居民面临成为外资企业雇佣员工或者是自主创业两种选择，通过对两种选择在两个时期消费决策的最优化行为求解，本文证实了金融效率的提高通过减低自主创业门槛从而有利于吸收外资企业技术外溢，同时金融效率变化并不影响外资部门自身的资本边际产出。基于我国1978～2003年时序数据的经验研究结果表明，虽然我国外商直接投资具有明显的资本积累效应，然而由于目前我国金融体系效率相对低下，并不利于国内企业充分吸收外资企业的技术外溢。

Extended from the two - sector model of Alfaro et al. （2004）, this paper investigates how financial development affects the technology spillover of foreign direct investment （FDI） from the perspectives of financial market＇s efficiency and financial deepening. By introducing an OLG model, it＇s demonstrated that a highly efficient financial system would facilitate the establishment of new local firms, and hence the absorption of technology spillover from foreign firms. In the meanwhile, empirical results show that even though FDI promotes the capital accumulation in China, lower efficiency of financial system hampers absorption of technology spillover for local firms.