近十年来普惠金融发展对中国对外直接投资的影响——基于30个省市面板数据的实证分析

The Impact of Inclusive Financial Development on China’s outward Foreign Direct Investment in the Past Ten Years: An Empirical Analysis Based on Panel Data of 30 Provinces and Cities

利用2004-2017年我国省级面板数据,实证检验了普惠金融发展与中国对外直接投资之间的关系。研究发现:普惠金融发展对我国对外直接投资有显著为正的影响。普惠金融发展主要是通过实际使用度来促进对外直接投资,地理渗透性和服务可得性两个维度对我国对外直接投资的影响都不明显。此外,经济发展水平、对外贸易水平以及技术创新能力对我国对外直接投资有促进作用。分地区回归结果表明,只有东部地区的普惠金融发展对我国对外直接投资有显著的促进作用。对于中西部地区,普惠金融发展均未促进对外直接投资。基于以上结论,提出了建立和健全普惠金融发展体系、加强金融教育和金融基础设施建设、缩小地区间金融服务差距的政策建议以促进我国对外直接投资的发展。

Using the provincial panel data of China from 2004 to 2017,the relationship between the development of inclusive finance and China’s outward foreign direct investment was empirically tested. The study found that the development of inclusive finance has a significant positive impact on China’s outward foreign direct investment. The development of inclusive finance mainly promotes outward foreign direct investment through actual use,and the two dimensions of geographic penetration and service availability have little effect on China’s outward foreign direct investment. In addition,the level of economic development,the level of foreign trade and the ability to innovate in technology have contributed to China’s outward foreign direct investment. The results of regional regression show that only the development of inclusive finance in the eastern region has a significant role in promoting China’s outward foreign direct investment. For the central and western regions,inclusive financial development has not promoted outward foreign direct investment. Based on the above conclusions,it puts forward the policy recommendations for establishing and improving the inclusive financial development system,strengthening financial education and financial infrastructure construction,and narrowing the gap between regional financial services to promote the development of China’s outward foreign direct investment.