对外直接投资、金融结构与全要素生产率——基于中国省际面板数据的研究

OFDI,Financial Structure and TFP:A Study Based on Chinese Inter-provincial Panel Data

本文利用2007-2014年中国省际数据，结合广义最小二乘法，基于最优金融结构理论研究对外直接投资、金融结构与全要素生产率三个变量之间的关系。结果表明：（1）目前中国进行对外直接投资形成的逆向技术溢出对全要素生产率的影响整体上不显著，对外直接投资对全要素生产率的影响受到金融结构的影响，即金融结构能够显著改善对外直接投资的全要素生产率的影响效应。（2）中国金融结构对全要素生产率的促进作用是显著的。分地区来看，中国中部、西部的金融结构对各地区的全要素生产率影响显著，而在经济相对发达的东部地区，该效应却不显著。金融结构对全要素生产率的影响存在显著的地区差异。（3）中国采取对外直接投资这种国际化路径有效推动了国内的金融结构发展，催化了金融结构由“银行主导型”向“市场主导型”转化的进程。

This paper uses the 2007 -2014 Chinese interprovincial data, which combined with the generalized least squares method to study the relationship between outward foreign direct investment（OFDI） ,financial structureand and total factor productivity （TFP） based on the optimal financial structure theory. The results show that： （1） The impact of reverse technology spillovers on China＇ s OFDI on TFP is not significant at present, and the impact of OFDI on TFP is affected by the financial structure, that is, the financial structure can significantly improve the external the effect of TFP on OFDI. （2）The promotion of China＇ s financial structure to TFP is significant. In terms of regions, the financial structure of central and western China has a significant impact on the TFP of each region, while in the eastern regions where the economy is relatively developed, the effect is not significant. There are significant regional differences in the impact of financial structure on TFP. （3） China＇ s adoption of OFDI as an internationalization path has effectively promoted the development of domestic financial structure and catalyzed the transformation of financial structure from ＂bank - oriented＂ to ＂market - oriented＂.