外来资本、私人资本与中国经济增长

Empirical Analysis of Influencing Factors on the Relative Performance of Foreign Capital and Private Capital

各种不同经济类型的资本对长期经济增长所发挥的作用不同,目前学术界的注意力普遍集中在FDI技术外溢效应的存在与否及其跨国验证,然而关于中国的外来资本和私人资本对经济增长的作用比较尚鲜有研究.本文在研究过程中参考了国际上近年来针对FDI技术外溢提出的“吸收能力”概念,通过较为翔实的文献考证及严密的理论分析后,选取各地区人力资本、贸易开放度、研发能力、基础设施水平、金融中介深度五个变量作为影响外资与私人资本相对优劣的因素.针对中国6个地区1994～2011年的面板数据进行的经验研究表明,在全部外来资本与私人资本的比较中,人力资本、研发能力、基础设施水平、金融中介深度均与外国资本相互作用从而促进后者对经济增长的贡献.然而,促进了私人资本在经济增长中的贡献的因素只有人力资本和贸易开放度,研发能力和金融中介深度对私人资本的贡献没有显著影响.最后,笔者针对本文的研究结论给出了政策建议.

Capitals of different economic grouping don＇t play the same role in economic growth. Currently the academ- ics generally focus on whether FDI has generated technology spillovers and its international comparisons,whereas few researchers have studied the different contribution of foreign capital and private capital to China＇s economic growth. This paper referres to the ＂absorptive capability＂ concept brought forward in recent research of FDI technology spillovers,selects five area-speci/Sc factors to analysis their influence on foreign capital and private capital＇s relative performance in economic growth ,including human capital ,trade openness ,R＆D capability,infrastructure level and financial intermediary depth ,and constructs an open economy endogenous growth model to prove the role of the influencing factors on economic growth. Subsequently,this paper uses a panel data of six Chinese regions over 1994 2011 to carry on empirical studies,and finally clarifies that the role of foreign capital and private capital on long term economy growth is related to area-specific factors.