地区金融扭曲差异对外资进入的影响

Influences of Regional Financial Distortion Disparity on Foreign Capital Entrance

随着我国FDI流入量的逐年上升,现行金融体系能否适应外资的大量流入,已成为国内外学者关注的焦点。本文采用我国1998-2007年间28个省区面板数据,分析了金融扭曲差异对FDI流入的影响。实证研究表明:地区金融扭曲差异会影响FDI的流入,但金融扭曲差异对外商直接投资存量的影响程度要小于其对外商直接投资流量的影响。分地区研究发现:我国东部金融扭曲差异对FDI流入没有显著作用;而中西部金融扭曲差异显著地抑制了FDI流入,且对外商直接投资流、存量的抑制程度要明显的大于东部。

With the annual increase of our FDI inflow, attention has been focused on whether current financial system will accommodate to substantial inflow of foreign capital. This paper uses the panel data of 28 provinces from 1998 to 2007 to analyze the influences of financial distortion disparity on FDI inflow. The findings show that regional financial distortion disparity affects FDI inflow, but the impacts of financial distortion disparity on FDI inventory are less than on FDI flow. Regional study shows that financial distortion disparity in eastern area has insignificant impacts on FDI inflow, but financial distortion disparity in mid- western areas significantly negatively impacts FDI inflow and the negative impacts on FDI flow and inventory are greater than eastern areas.