市场规模、市场化程度与外商直接投资溢出——来自中国中部地区制造业的实证研究

Market Size,Marketization Degree and Technology Spillovers of Foreign Direct Investment:An Empirical Study of Manufacturing Industry in Central China

采用中国中部地区9个省1990-2013年的面板数据,考察外商直接投资(FDI)溢出效应在该地区制造业是否存在,并找出影响FDI溢出效应的环境因素。结果表明,FDI对中部地区内资制造业的溢出效应是分阶段逐步显现的;市场规模没有明显促进FDI溢出效应的发挥,而市场化程度对FDI溢出效应具有显著的积极影响,FDI溢出效应是随着该地区市场化程度的提高而提高的;进一步分析发现,政府对市场干预的减少、非国有经济的发展可以促进中部地区制造业的FDI溢出效应;而产品市场发育、要素市场发育和市场法律环境不是影响FDI溢出效应的积极因素。最后提出相应的政策建议。

By using the panel data of nine provinces, autonomous regions and municipalities in central China from 1990 to 2013, this paper explores whether the technology spillovers of foreign direct investment（FDI） have impact on the manufacturing industry in central China and tries to find out the factors that influence the spillovers of FDI. The result indicates that the spillover effect of FDI on the manufacturing industry in central China gradually emerges by stages; the marketization degree has significant positive effect on the technology spillovers of FDI instead of market size, with higher de- gree of marketization, more technological progress from the inflow of FDI is gained. It is also found that the decrease of government intervention and the development of non-state owned economy can be helpful for the local firms to benefit from the technology spillovers of FDI, but the product market, factor market and legal environment still have no significant effect on FDI spillovers. The correspond- ing policy recommendations are provided based on the conclusions.