双向直接投资协同发展对中国资源错配的影响

Impact of Bidirectional Foreign Direct Investment Synergistic Development on Resource Misallocation in China

利用2003-2018年中国省级面板数据,研究了双向直接投资协同发展对中国资源错配的影响。结果表明:双向直接投资协同发展会显著降低中国整体资本错配和劳动力错配,但该影响存在地区差异性。同时,双向直接投资协同发展对中国资源错配的影响存在阶段性特征:当人均收入水平低于19821元(2007年以前)时,双向直接投资协同发展未对中国资源错配产生显著影响;当人均收入水平大于19821元小于49542元(2008-2014年)时,双向直接投资协同发展可以缓解资本错配,但对劳动力错配的改善效果不明显;当人均收入水平大于49542元(2015年以后)时,双向直接投资协同发展有利于改善资源错配。进一步的作用机制分析表明,双向直接投资协同发展通过提高金融深化水平和劳动力成本,进而缓解资本错配和劳动力错配。

Using Chinese provincial panel data from 2003 to 2018,this paper investigates the impact of bidirectional foreign direct investment synergistic development on resource misallocation in China.The results show that the bidirectional foreign direct investment synergistic development can improve the misallocation of capital and labor resources in China significantly,but the impact shows regional differences.Meanwhile,the impact of bidirectional Foreign Direct Investment synergistic development on the resource misallocation in China shows the stage characteristics:when the capita income is below 19821 Yuan(before 2007),bidirectional foreign direct investment synergistic development has no effect on the misallocation of capital and labor resources in China.When the capita income is between 19821 Yuan and 49542 Yuan(2008 to 2015),bidirectional foreign direct investment synergistic development can improve the misallocation of capital resources but not labor resources.When the capita income is greater 49542 Yuan(after 2015),bidirectional foreign direct investment synergistic development can improve the misallocation of capital and labor resources in China significantly.Further,interactive studies show that he bidirectional foreign direct investment synergistic development can significantly enhance financial deepening and improve capital allocation efficiency,while at the same time raising labor cost for improving labor allocation efficiency.