西部地区金融发展、FDI溢出与经济增长——基于面板门槛模型的研究

Financial Development, FDI Spillover, and Economic Growth in the Western Region

利用2002-2014年西部地区各省区面板数据,构建相应的面板门槛模型,基于金融发展的视角研究外商直接投资对经济发展水平的影响。通过理论与实证研究发现,目前西部地区金融发展程度对于经济增长的推动作用不显著;而FDI对于经济增长存在显著的推动作用;FDI溢出对于经济增长影响的大小和方向都基于区域金融发展程度的双门槛效应,从而得出FDI的引入必须与当地金融发展水平和经济增长相适应的结论。

By using panel data collected in 2002-2014 from the provinces in the western region, corresponding panel threshold models are constructed. The impact of direct foreign investment on the level of economic development is studied. Both theoretical and empirical studies show that the degree of financial development in western China does not play a significant role in the promotion of economic growth, while FDI does. The impact of FDI spillover on economic growth and orientation is decided by the degree of regional financial development, thus the emergence of double threshold effect. It is concluded that the introduction of FDI must be adapted to the level of local financial development and economic growth.