金融发展差异与国际产能合作绩效:机制、效用与条件

Financial Development Differences and the Performance of International Capacity Cooperation:The Mechanism,Effects and Terms

母国和东道国金融发展差异决定着双边国际产能合作绩效。本文通过构建数理模型研究发现:金融发展有利于提高资本存量和技术进步,而金融发展差异对双边国际产能合作绩效产生不同影响。本文选取2003—2016年59个国家和地区的面板数据,运用动态GMM与面板门限回归方法实证检验发现:对母国和东道国而言,不同的国际产能合作方式、金融发展差异以及二者的共同作用产生不同的国际产能合作绩效;合作国家的开放度、基础设施建设、人口增长率以及政府支出也会影响双边绩效;机制检验发现,技术吸收能力对母国和东道国合作绩效的影响也不同;金融发展差异的弹性必须在一定范围内才能产生较高的合作绩效。

International Capacity Cooperation(ICC)is an important part of high-quality economic development.To examine the bilateral performance of international capacity cooperation is conducive to the development of open economy,which is the demand of implementing major strategies such as the“Belt and Road”initiative.Based on the mathematical model,it is found that the financial development is beneficial to the improvement of capital stock and technology development,while the differences of financial development form the different effects of bilateral international capacity cooperation.Using dynamic GMM and threshold analysis with 59 countries'and regions'panel data during 2003—2016,empirical test shows that,for home country(China)and host countries,international capacity cooperation,financial development differences,and their interaction do significantly raise the effects;technology absorptive capacity also has different cooperation performance for home country and host country;the flexibility of financial development difference must be in a certain range to produce higher cooperative performance.The following policy suggestions are presented:firstly,gradually give full play to comparative advantages and expand cooperation in ICC;secondly,strengthen financial cooperation and improve cooperation performance;thirdly,gradually improve the level of human capital and technological absorptive capacity.