对外直接投资对发展中国家国内投资的影响

The Effects of Outward FDI on Domestic Investment in Developing Countries

资本稀缺的发展中国家大规模对外直接投资对国内投资会产生何种影响？这是关系到发展中国家产业升级与经济发展的重要问题。本文利用75个发展中国家2004-2016年的经济数据，通过系统GMM估计方法和门槛效应模型研究了对外直接投资对发展中国家国内投资影响，以及金融市场和产品市场作用。研究发现：（1）发展中国家对外直接投资挤出了国内投资；（2）只有当金融市场和产品市场发展程度跨越一定门槛值后，才能发挥对外投资对国内投资的拉动作用。

What is the impact of large-scale outward foreign direct investment （OFDI） on domestic investment in developing countries with scarce capital？ This is an important issue related to the economic development of developing countries. In this paper, the economic data of 75 developing countries from 2004 to 2016 are used to study the impact of OFDI on domestic investment in developing countries and the role of financial market and product market through system GMM estimation method and threshold effect model. The study found that： （1） OFDI in developing countries squeezed out of domestic investment; （2） Only when the development level of financial market and product market exceeds a certain threshold, can it play the pulling effect of OFDI on domestic investment.