区域金融扭曲差异真的会一直促进FDI流入吗？

Have Regional Financial Distortion Differences been Promoting FDI Inflows?

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。本文以我国1990～2007年间28个省区数据为样本,采用SystemGMM分析金融扭曲差异对FDI流入的影响。实证研究发现:在1990～2007年,我国总体上以及东部、中西部的金融扭曲差异显著地促进了外资的流入。在1990～1999年,我国总体、东部金融扭曲差异对FDI流入起显著地促进作用,而中西部对外资流入的作用不明显。在2000～2007年,我国总体、中西部金融扭曲差异显著促进了外资流入;而东部金融扭曲差异对FDI流量的作用不明显,却显著地抑制了外商直接投资存量的增长。因此,地区金融扭曲差异不会一直显著地促进FDI流入。

With the increasing FDI inflows in China, scholars are focusing on whether current financial system is able to adapt to the influx of foreign investment. Using China's 28 provinces datum during 1990 and 2007, the paper analyzed the effects of financial distortion differences on the FDI inflows with the System GMM. Empirical study found that the financial distortion differences of whole China and the east, central and west regions significantly promoted the FDI inflows during 1990 and 2007. The financial distortion differences of whole China and the east regions significantly promoted the FDI inflows during 1990 and 1999, while the effects in the central and west regions were not obvious. The financial distortion differences of whole China and the central and west regions promoted the FDI inflows significantly during 2000 and 2007, while the effects in the east regions were not obvious, but restricted the foreign direct investment. Therefore, regional financial distortion differences will not promote FDI inflows constantly.