制度质量与FDI的产业增长效应——基于中国省级面板数据的实证研究

Institutional Quality and the Industrial Growth Effect of FDI:An Empirical Research based on China's Provincial Panel Data

本文从东道国制度环境入手，创新地将FDI吸收能力理论、溢出理论与制度环境纳入统一的分析框架内，探讨制度质量对东道国吸收能力、FDI溢出效应的具体影响机制与效应。采用中国各省区1990～2010年面板数据和动态面板GMM估计方法进行实证检验，结果表明，在控制市场化程度的情况下，FDI的增长效应不再为正，甚至转变为显著的负效应。这表明，FDI在东道国的经济绩效具有显著的“制度门槛”效应特征。FDI对东道国的产业增长效应是通过当地制度环境改善来实现的，随着地区市场化程度的提高，FDI在该地区的产业增长效应显著增强。本文的研究表明，改善制度质量的国内改革是提升对外开放质量的先决条件。

This paper discusses how the institutional quality influences the absorptive capacity of host country and FDI's spillover effect and how the institutional quality influences the industrial growth effect of FDI through combining the theory of FDI absorption capacity,spillover effect theory and institutional environment into a unified analysis framework from the perspective of host country's institutional environment.In the meantime,this paper also includes an empirical test on the above mechanism using China' s provinces panel data from 1990 to 2010 and the dynamic panel GMM estimation method.The estimation results show that the growth effect of FDI is no longer positive,or even to turn into a significant negative effect under the condition of controlling the degree of marketization.This shows that the economic performance of FDI in the host country has the significant effect of ' institution threshold'.The industrial growth effect of FDI on the host country is implemented by the local institutional environment improved.There will be a remarkable increase of industrial growth effect of FDI with the improvement of regional marketization.This paper shows that domestic reform of improving institutional quality is prerequisite to improve the quality of opening.