FDI、金融结构与福利分析

FDI,Financial Structure and Welfare Analysis

通过构建一个古诺竞争的扩展模型,分析FDI对国内金融结构的反射作用机制,并运用动态GMM估计方法实证检验了FDI作用于国内金融结构对社会福利的影响。结果表明,FDI对金融结构存在弥补作用,但不存在优化作用;FDI作用于金融结构对社会福利的影响是不确定的,此取决于国内金融融资和FDI两种手段的融资成本等多种外部因素。

This paper is to strengthen the bridge between theory and practice levels, and reveal the interaction mechanisms between FDI and financial structure through constructing Coumot competition extended model. It uses the panel data including 29 provinces and regions in China from 1991 to 2006, as well as the GMM estimation method of dynamic panel. The research results show that FDI can help compensating the weak performance of financial markets, but it is not conducive to financial structure ＇s optimization. The effect of FDI on the financial system is uncertain to the social welfare due to the various external factors of the domestic financial financing and two ways of FDI financing cost.