契约治理、基础设施建设与外资到位率——来自我国30个省份的证据

Contractual Governance, Infrastructure Construction and Utilized–Contracted FDI Ratio: Evidence from China's 30 Provinces

本文利用手工搜集的1997～2010年我国30个省份的实际FDI和协议FDI数据，从契约治理和基础设施建设等方面研究了其对外资到位率的影响。结果表明，地区国民生产总值、人均工资水平、高速公路建设密度与外资到位率都呈显著正相关关系。在人均GDP较低的省份，治理环境的改善可以显著提高外资到位率，而在全样本中二者关系并不显著。可见区域经济发展对外资到位率具有系统性影响，而治理环境对外资到位率的影响却是局部性的。在制定引进外资的政策时，既要把握系统性因素，也要注重区域差异。

Using the hand- collected FDI panel data of China＇s 30 provinces from 1997 to 2010, this paper analyzes the provincial differences in the utilized- contracted FDI ratio from the institutional perspectives including the process of marketization, government intervention, the regulatory situation and intellectual property protection. Empirical results show that, the utilized- contracted FDI ratio is positively and significantly correlated with local GDP, wages per capita and the density of highway. Furthermore, in the regions where the GDP per capita is low, the improvement of the governance environment can significantly improve the UC ratio; in the full sample, however, the relationship is not significant. The results indicate that the regional economic development has a systemic impact on the UC ratio, whereas the impact of governance environment on the UC ratio is conditional. This paper concludes that different regions, in the formulation of FDI attraction policies, should attach importance to both the systematic factors and the regional economic differences.