“互联网+金融”、FDI与产业结构转型升级——基于中国数据的实证研究

“Internet + Finance”,FDI and Industrial Restructuring and Upgrading——An Empirical Study Based on Chinese Data

本文采用全国2010～2015年季度数据实证分析互联网金融、FDI对产业结构转型升级的影响。通过建立VAR模型，运用Johansen协整检验、脉冲响应函数等定量方法进行实证分析。实证结果表明：互联网金融发展、FDI与产业结构转型升级之间存在长期均衡关系；起初，互联网金融与产业结构转型升级之间存在互斥作用，但从长期来看，互联网金融发展、对产业结构转型升级具有显著的推动作用；同时，产业结构转型升级对互联网金融发展具有支持作用；FDI对产业结构转型升级一直具有正效应；此外，研究还发现互联网金融发展对FDI也具有促进作用。最后，本文根据实证结果提出促进互联网金融发展、FDI投资以推动产业结构转型升级的政策建议。

In this paper, empirical study of internet financial, FDI to the transformation and upgrading of the industrial structure by using the National 2010 - 2015 Quarterly Data. There are Johansen cointegration test, impulse response function and other quantitative methods of empirical analysis through the establishment of VAR model. The empirical results show that： there is a long - term equilibrium relationship between the financial development of the internet, FDI and the transformation and upgrading of the industrial structure; initial- ly, there exists the role of mutual exclusion between internet presence of financial and industrial restructuring and upgrading, but in the long term, the development of internet banking plays a significant role in promoting the upgrading of industrial structure transformation; at the same time, industrial restructuring and upgrading have a supporting role for the internet financial development; FDI has been having a positive effect on industrial restructuring and upgrading; in addition, the study also find that internet financial development also has a positive effect on FDI. Finally, this paper presents empirical results based on the interuet to promote financial development, FDI investment policy recommendations to promote the transformation and upgrading of the industrial structure.