中国吸引FDI的因素变化研究

Research on Changes in Factors of China Attracting FDI

本文强调了中国吸引FDI的因素动态变化特征,在此基础上,我们提出推测,并分别对不同发展时期的面板数据进行了实证检验,检验结果表明:(1)后一发展时期相对前一发展时期而言,聚集效应与法律和规章对FDI的吸引力进一步增强,而由距离产生的投资成本对FDI制约作用不再显著。(2)低廉劳动力成本优势逐渐丧失,其对FDI的影响减弱,而我国市场规模一直对FDI的流入存在正向促进作用。(3)发达国家与发展中国家投资区位选择中国考虑因素存在差异,主要表现在:发达国家关注中国市场,而发展中国家关注中国市场和中国以外的世界市场;此外,我们还发现,金融自由化对来自发展中国家的FDI具有吸引力,而对发达国家的影响有限。

Different from previous research, this paper emphasizes on the characteristics of dynamic changes that China attracts FDI, based on which we make our presupposition, and conduct empirical test with the panel data of different development phases. The test result shows that： （1） compared with the previous one development phase, aggregation effect and law and order have a stronger attraction to FDI than on the later development phase, whereas the constraints on FDI by the distance-generated investment cost are no longer distinct; （2） the advantage of the low labor cost is losing its edge, and it has an ever weaker effect on FDI, while the scale of Chinese market has a positive promoting effect on the influx of FDI; （3） developed countries differ from developing countries in considering factors when choosing China as an investing location, and the differences mainly include： developed countries focus on Chinese market, but developing countries focus on Chinese market as well as the global market that China is exposed to; in addition, this research also finds that financial liberalization is attractive to developing countries giving out FDI, while its attractiveness to developed countries is limited.