比较金融体制对一国OFDI的影响研究

The Impact of Comparative Financial System on Outward FDI

本文基于全球93个国家1990~2010年的面板数据,从比较金融体制视角探讨其对一国OFDI（对外直接投资）的影响。研究表明,市场导向型金融体制是提升一国对外直接投资水平的重要影响因素,并且结论具有稳健性。此外,经济发展水平、金融发展、技术升级、制度质量、总储蓄以及文化差异等同样是影响OFDI的重要因素。数据显示,目前中国OFDI存量处于一个较低水平,中国作为典型的银行导向型金融体制国家,要进一步提升我国OFDI水平,除了在宏观层面创造和保持稳定的发展环境外,建立良好的市场导向型金融体制同样具有重要意义。

Based on panel data from 93 countries during 1990-2010,this paper explores the influencing factors of a country's OFDI from the perspective of comparative financial system.The results show that market-oriented financial system is the important influencing factors which improve the level of a country's foreign direct investment,and the conclusion is robust.At the same time,economic development level,financial development,technology promotion,institution quality,total savings and cultural difference are also the important factors which influence the OFDI.Data present that China's stock of OFDI is at a low level.China has a typical bank oriented financial system,in order to enhance the level of China's OFDI,except from creating a stable environment for OFDI's development on a macro level,establishing agood market-oriented financial system also has an important significance for promoting the development of China's OFDI.