OFDI影响母国金融发展的机理及效应研究——基于双重路径视角

The Mechanism and Effect of OFDI on Home Country's Financial Development——A Dual-Path Perspective

选取中国可获数据的30个省、直辖市、自治区2003～2016年的动态面板数据进行实证分析,结果表明:对外直接投资通过自身效应路径显著促进了中国金融发展,而逆向技术溢出直接效应路径对金融效率、间接效应路径对金融结构未能充分发挥作用。对发达国家和发展中国家对外直接投资的分样本回归结果显示不同路径作用大小不同。另外,中国经济发展水平、经济开放程度、人力资本水平、人均可支配收入和外商直接投资都对金融发展存在不同程度的影响。因此,中国应利用对外直接投资促进中国金融发展,提高对外直接投资逆向技术溢出效应,重视经济发展内在质量的提升,继续扩大对外开放,提高人力资本水平,增加人均可支配收入,提高外资质量。

This paper empirically analyzes the dynamic panel data of selected 30 provinces from 2003 to 2016,and the results show that,for foreign direct investment,the self-effect path plays a positive role in financial development;but direct-effect path of reverse technology spillover fails to promote financial efficiency as indirect-effect path to financial structure. The sub-sample regression results of OFDI in developed and developing countries indicate that different paths have different effects. Furthermore, China’s economic development,open level,human capital,per capita disposable income and foreign direct investment have different impacts. Therefore the government should promote financial development by OFDI;improve the effect of OFDI reverse technology overflow;pay attention to the economic intrinsic quality;continue to take open policy;raise human capital;increase the per capita disposable income and improve the quality of foreign direct investment.