区域金融发展与FDI流入规模的实证研究——基于省际面板数据的分析

An Empirical Analysis of the Regional Financial Development and the Scale of FDI Inflows Based on the Inter-provincial Panel Data

文章基于我国2001年到2009年的省际面板数据,运用因子分析法和OLS回归模型探讨了区域金融发展水平对FDI流入规模的影响。研究结果表明,区域金融发展水平与FDI流入规模之间表现出了较为显著的负相关关系。我国的金融抑制现象仍然较为严重,迫使众多民营企业因为融资难而寻求与外资的合作,从而推动了FDI的大规模流入。对此,我国应推动金融深化进程,减少被动融资型的FDI,鼓励国内企业和外资在技术研发等领域开展多层次高水平的合作,为本土企业吸收FDI技术溢出效应创造更好的金融环境。

Based on the inter-provincial panel data of 2001 to 2009, this paper uses factor analysis and OLS regression model to explore the effect of the regional financial development on the scale of FDI inflows. The results show that there is a significant negative correlation between the regional financial development and the scale of FDI inflows. China still has a serious problem of financial repression, which forces many private enterprises to seek cooperation with foreign investment for resolving their financing difficulties, thus promoting large-scale inflows of FDI. In this regard, China should promote its process of financial deepening, reduce its passive financing type of FDI, and encourage domestic enterprises and foreign investors to have multilayer and high-level cooperation in the field of technological research and development, so as to create a better financial environment for local enterprises to absorb technology spillover effects of FDI.