金融扭曲差异与外商投资:存在U型曲线关系吗?

Disparities of Financial Distortion and Foreign Investment:Does U-Shaped Curve Relationship Exist?

本文应用System GMM分析金融扭曲差异对外商投资的影响发现:地区金融扭曲差异会促进外商投资的流入,且金融扭曲差异对外资存量的影响程度要小于外资流量。接着,针对大多数经验文献所采用的金融市场因素与外商投资流入之间线性关系的假设,本文考察了金融扭曲差异影响外商投资流入的非线性效应,实证表明金融扭曲差异对外商投资流入的影响呈U型关系。将样本分类发现大部分所有样本点均在U型曲线左侧,说明现阶段我国总体上还处于U型曲线左侧区域,即金融扭曲差异是显著的促进了外资流入。

In this paper, adopt the System GMM to analyze how the disparities of regional financial distortion affects the FDI inflows. ： Regional disparities of financial distortion promote the inflow of FDI, the degree of the influence of disparities of financial distortion on the stock of foreign direct investment is less than foreign direct investment flows. Then, for most of the empirical literature assumed the linearity relationship between financial market factors and FDI inflows assumptions, this paper examines the nonlinear impact of financial distortion on FDI inflow, empirical study shows that： the U shaped relationship im- pact of financial distortion on FDI inflow. Classifing sample found that most sample were at the left of U-shaped curve, indica- ting that today＇s China are at this stage of the left side of U-shaped curve, f Regional disparities of financial distortion promote the inflow of FDI.