服务业FDI的资本效应:促进抑或挤出?

Capital Effect of FDI in the Service Industry: Crowd It in or out?

服务业FDI既可以通过产业间效应和产业内效应促进服务业国内投资的增加,也可以通过市场攫取效应挤占内资服务企业国内投资机会,破坏服务业国内资本形成。本文实证研究结果表明,从整体层面看,服务业外商直接投资显著促进了服务业国内资本的形成,对服务业国内资本增加具有促进效应;从细分服务行业层面看,流入不同服务业行业的FDI对行业国内资本具有不同影响,因此针对不同的服务行业采取差别化的引资策略意义重大。

FDI in the service industry not only can promote the increased of the domestic investment in the service industry by inter-industry and intra-industry effect, but also can destroy the domestic capital formation of the service in- dustry by robbing the investment opportunities of domestic service finns through the market- stealing effect. The empiri- cal results indicate that FDI in the service industry has significantly promoted the domestic capital formation of service industry from the overall level of service industry. However, in terms of the subdivided service industry level, FDI in the different subdivided service industry has a different influence on the industry domestic capital. Therefore, adopting differential investment strategies according to different service industries is of great significance.