基于金融市场发展的FDI溢出与经济增长关系：省际面板数据研究

The Relationship between FDI Spillover and Economic Growth:A Study Based on the Financial Market Development with Panel Data of Chinese Provinces

本文研究了人力资本由外资生产部门转移至国内生产部门或建立新企业时,FDI溢出效应对金融市场发展的依赖。分析发现,金融市场发展水平的提高通过降低自主创业门槛值有利于国内企业获取正向的FDI溢出效应,从而促进区域经济的增长。基于1987-2006年省级面板数据的经验研究,结果表明,我国外商直接投资具有明显的资本积累效应,金融市场发展决定的FDI技术外溢效应不显著。尽管如此,金融市场发展对我国FDI经济增长效应的影响却存在着明显的阶段性和地区差异性特征。

This paper investigates how financial market development affects the spillover of foreign direct investment （FDI）, when labor leaves foreign- owned enterprise and turns to domestic enterprise or to start a new business. It＇s demonstrated that a highly efficient financial system would facilitate the establishment of new local firms, and hence the absorption of spillover from foreign firms. In the meanwhile, empirical results show that even though FDI promotes the capital accumulation in China during the period of 1987 - 2006, low efficiency of financial system hampers absorption of spillover for local firms. In addition, we find the effect of financial market development upon FDI spillover has significant difference in phase and region.