FDI与全要素生产率增长:金融发展门槛效应检验

Nexus Between FDI and Total Factor Productivity Growth:Threshold Effect Test of Financial Development

本文基于中国大陆1995—2009年省级面板数据,实证检验了外商直接投资对全要素生产率增长的促进作用是否依赖于金融发展水平的问题。结果发现:只有当金融发展水平越过门槛值之后,外商直接投资才会产生显著的全要素生产率增长效应;目前中国金融发展水平尚未进入这一阶段,而且本身也不足以对全要素生产率增长产生积极的贡献。

Based on the provincial panel data of China's Mainland from 1995 to 2009, this paper conducts empirical analysis on whether the enhancement of total factor productivity （TFP） growth by foreign direct investment （FDI） depends on the level of financial development. It finds that only after the financial development has crossed the threshold can FDI significantly enhance the TFP growth. Currently, China＇ s financial development has not entered this phase and is insufficient to actively contribute to the TFP growth by itself.