珠三角金融发展水平、FDI溢出效应与经济增长的关系研究

The Association among the Regional Level of Financial Development,the Spillover Effects of FDI and Economic Growth in the Pearl River

外商直接投资对一国（地区）经济增长的推动作用受到金融发展水平的制约。文章从区域金融发展水平、FDI溢出效应与经济增长的传导机制出发探讨三者之间的关联,选取2000-2012年珠三角九个城市的面板数据进行分析,发现珠三角金融市场发展规模对FDI溢出效应起到促进作用,金融市场效率起到抑制作用,FDI总量以及由金融发展所决定的FDI溢出效应促进经济增长但不显著。文章结合分析提出相应的政策建议,以实现区域金融发展水平放大FDI的溢出效应,从而有效拉动经济增长的目标。

The role of foreign direct investment on the economic growth of a country （region） constrained by the level of financial development. The article explores the association in the transmission mechanism among the regional level of financial development, the spillover effects of FDI and economic growth. Selecting the data of nine cities in the Pearl River Delta in 2000-2012, the paper finds that PRD financial market development scale plays a role in promoting FDI spillovers, the efficiency of financial markets plays a obstructive role in FDI spillovers, the total amount of FDI and financial development of FDI spillovers don＇ t significantly promote economic growth. Analyzing the reasons for this situation, the paper proposes appropriate policy recommendations to achieve the target of economic growth.