区域金融发展对FDI流入的影响分析——来自中国省际动态面板数据的证据

Influences of Regional Financial Development on FDI Inflows:An Empirical Analysis Based on Inter-provincial Dynamic Panel Data

本文分析了金融发展作用于FDI的机理,并利用中国1996~2011年30个省份的面板数据,运用系统GMM方法探讨了金融发展与FDI的关系。结果表明FDI存在集聚效应,且对外开放程度、基础设施、市场潜力和人力资本等均能显著地促进FDI流入。但金融发展抑制了FDI流入,其深层次原因是中国金融体制缺陷造成的。即相对落后的金融体系未能实现信贷资金的最优配置,从而导致FDI作为弥补私人部门融资缺口而大量输入,随着金融体制的不断健全和完善,私人部门融资困境的缓解,将降低与国外投资商的合作动机,最终导致FDI流出。据此,本文提出了相关政策建议。

The paper analyzes the influencing mechanism of financial develop- ment on FDI, and uses the system GMM estimation method to explore the relationship between financial development and FDI with the panel data of 30 provinces from 1996 to 2011 in China. The results show that FDI has an agglomeration effect, and the factors that affect the FDI location choice, such as the openness degree, infrastructure, market potential and human capital can all significantly promote FDI inflows. However, financial development has an inhibitory effect on FDI due to the fundamental defects of the Chinese financial system, which means that the backward financial system fails to achieve the optimal allocation of credit funds, resulting in FDI inflows as a compensation of the financing gap of private sectors. As the financial system becomes sound, the financing difficulties of private sectors are relieved and they will cooperate less with foreign investors, leading to the FDI flux. This paper then puts forwards some relevant suggestions accordingly.