中国FDI与FPI关系实证分析

An Empirical Search for Linkages between FDI and FPI of China’s Use

本文利用我国改革开放后,吸引外国直接投资和外国证券投资的数据,采用协整和格兰杰因果检验,考察我国引入的外国直接投资和外国证券投资两者之间的关系。结果表明,两者不存在长期均衡关系,短期存在着单向的格兰杰因果关系。

Both foreign direct investment（FDI）and foreign portfolio investment （FPI） are important ways of international capital flow, their linkages is significant to guide the policy’s formulating. By using econometric methods like cointegration test, Granger test , and the data of inward foreign direct investment and inward foreign portfolio investment in China, this paper search the linkages between FDI and FPI. The results show that FDI and FPI are not unrelated in the long run, but are unilateral Granger cause each other in the short run.