外商直接投资、财政政策波动与地区金融生态环境

Foreign Direct Investment, Change in Fiscal Policy and Regional Financial Ecological Environment

本文研究中国外商直接投资、财政政策波动对地区金融生态环境的影响。实证研究表明:外商直接投资与地区金融生态环境的改善存在非线性关系,外商直接投资一方面通过引进先进金融资源推动竞争促进金融生态环境改善,另一方面外商直接投资的不合理使用又会挤占内资企业金融资源,造成内资外逃和资产价格波动;财政政策波动会抑制外商直接投资对改善金融生态环境的溢出效应。

This paper presents a study of the impacts of foreign direct investment （FDI） and change in fiscal policy on regional financial ecological environment in China. The empirical study shows that there is a nonlinear relationship be- tween the FDI and the improvement in regional financial ecological environment; the FDI, on the one hand, promotes the competition and improvement in financial ecological environment by introducing advanced financial resources, on the oth- er hand, the misuse of the FDI occupies the financial resources of Chinese finns, which results in domestic capital flight and asset price volatility; the change in fiscal policy reduces the spillover effects of the FDI on the improvement in finan- cial ecological environment.