资本深化与中国行业外商直接投资的实证分析

An Empirical Analysis of Capital Deepening and Foreign Direct Investment to Industries in China

从20世纪90年代中后期开始,中国经济中就已经出现资本密度加速上升的现象。资本过早深化逐渐影响了中国经济的进一步增长,表现为经济增长过分的依赖固定资产投资的拉动,经济向效率缺失的方向发展。因此,找出资本深化的原因以便于更好地降低资本增长率,或者消化已经提前增长的资本存量,提高劳动增长率或者就业率,是当前中国经济发展过程中需要重点解决的难题。通过实证分析,说明资本深化和中国行业外商直接投资之间的关系。结果表明:中国制造业外商直接投资和交通运输、仓储和邮政业外商直接投资对资本深化有积极的促进作用,而中国农、牧、渔业投资有助于缓解资本深化的进程。

There has been an acceleration of increase in capital density of Chinese economy since the late 1990s. The early capital deepening impacts the further growth of Chinese economy, which excessively depends on driving power of fixed asset investment and lacks of efficiency. Therefore, efforts should be made to track out the causes for capital deepening with a view to reducing the growth rate of capital or digesting the increas-ing capital stock in advance and improving labor growth rate and employment rate. An empirical analysis is made on the relations between capital deepening and foreign direct investment to industries in China. Result shows that foreign direct investment to manufacturing industry, transportation, warehousing and postal service positively contributes to capital deepening in China, and investment to Agriculture, animal husbandry and fishery helps to ease the process of capital deepening.