金融结构、双向FDI与技术进步

Financial Structure,Two-way FDI and Technological Progress

基于1990—2014年65个国家的面板数据,本文从理论和实证两个层面系统研究了金融结构对一国技术进步的影响,并检验了双向FDI中介效应的存在。研究表明:(1)市场主导型金融结构更有利于推动一国的技术进步,克服了内生性和经济波动的影响后,结论依旧稳健。此外,随着一国技术层次的提升,金融市场对其技术进步的促进作用呈依次递增趋势,但金融市场在金融结构中的比重并非越高越好,一国需要与其发展阶段相适应的最优金融结构。(2)中介效应整体检验发现,双向FDI是市场主导型金融结构促进一国技术进步的两个渠道,OFDI发挥的中介效应要大于FDI。(3)分组检验发现,发达国家金融市场对技术进步的促进作用远高于发展中国家,发达国家和发展中国家双向FDI均存在中介效应,但发展中国家双向FDI发挥的中介效应在总效应中贡献更为显著。

Based on panel data of 65 countries from 1990 to 2014, from both the theoretical and empirical aspects, this paper investigates systematically the impact of financial structure on a country＇s technological progress and examines the mediating effect of two - way FDI. It comes to several results as follows. Firstly, market -oriented/inancial structure is more advantageous to promote a country＇s technological progress and the conclusion remain robust after overcoming the effects of endogenous and economic fluctuations. In addition, there is increasing trend for the promoting effect of financial market with the rise of the technical level of a country, but it is not as high as possible, a country needs the optimal financial structure to adapt to the development stage. Secondly, the mediation effect in the overall test shows that the two -way FDI is two kinds of channels when market - oriented financial structure promotes a country＇s technological progress, and OFDI plays a greater mediating effect than FDI. Thirdly, in the subgroup tests, the promoting effect of financial market on technological progress is more effective in developed countries than in developing countries, and the two - way FDI in developed and developing countries both have mediating effect, the mediating effect of two - way FDI in developing country is more significant in the total effect of technological progress.