金融扭曲导致FDI大量流入我国吗?——来自我国省级面板数据的证据

Does Financial Distortion Lead FDI Inflow into China?——Evidence form Panel Data of Chinese Provinces

本文利用我国省区面板数据和系统GMM方法对FDI流入我国的原因进行了分析。发现除劳动力成本、市场规模、基础设施、工业化程度和开放程度等传统因素外,金融市场扭曲致使非国有企业难以从国内金融体系中获得融资也是导致FDI大量流入我国的重要原因。金融扭曲导致我国非国有企业面临严重融资约束,存在为满足融资需求寻求外商投资的动机;同时金融扭曲严重阻碍我国非国有企业发展,致使国内有竞争力的企业组织严重稀缺。FDI一方面为资金紧缺的非国有企业提供融资支持,另一方面与我国劳动力资源相结合生产具有国际竞争力的产品,弥补了我国有竞争力企业组织缺失的不足,是对我国不完善金融体系有效替代和弥补。按地区分组检验显示我国中西部地区金融扭曲对FDI流入的影响效应大于东部地区。

This paper studies the determinants of FDI inflows into China by using panel data of Chinese provinces and System GMM method. We find that besides traditional determinants such as labor cost, market potential, infrastructure, industrialization, and openness, financial distortion which makes non state-owned enterprises hardly to get loan from state-owned financial system, is also a very important factor that lead FDI inflow into China abundantly. Financial distortion puts strict financing restriction on non-state owned enterprises which lead them looking for investment from foreign investors. Financial distortion also seriously impedes the development of non-stated owned enterprises in China, which make China lack of competent enterprises. FDI inflow could supply capital support for non-stated owned enterprises in China, and combine with labor resources in China to produce product with international competition which remedy absence of competent enterprises in China, so FDI inflow is an effective substitution and remedy for inefficient financial system in China. Further test based on different groups of China＇s area, indicate that the impact of financial distortion on FDI inflows is greater in the middle and westem area of China than eastern area of China.