FDI对长三角区域资源错配的影响效应

The influential effect of foreign direct investment on Yangtze River Delta’s resource misallocation

旨在考察长三角地区外商直接投资(FDI)与资源配置的作用机理,明确不断增加的FDI是否改善资源错配状况。基于长三角区域2001—2017年期间的面板数据,利用HK模型对各地区资本错配、劳动力错配和能源错配指数进行测度,通过构建静态和动态面板模型,探索FDI与资源配置的作用机理。结果表明:1)总体上长三角各省市劳动力错配呈现恶化趋势,而资本和能源配置效率呈现改善趋势。局部来看,2001—2008年安徽省资本错配相比于其他省市较为严重,2008年金融危机短时间内长三角各省市能源错配指数波动明显。2)外商直接投资与长三角地区资本错配、劳动力错配以及能源错配之间呈倒“U”型关系。

This paper aims to examine the mechanism of FDI and resource allocation in the Yangtze River Delta,and clarify whether increasing FDI has improved the misallocation of resources.Based on the panel data of the Yangtze River Delta region from 2001 to 2017,the HK model is used to measure the capital misallocation,labor misallocation and energy misallocation index in each region.By constructing static and dynamic panel models,the relationship between FDI and resource allocation is explored to present the mechanism of action.The result shows that:First,In general,the labor misallocation of the provinces and cities in the Yangtze River Delta shows a worsening trend,while the efficiency of capital and energy allocation shows an improvement trend.Partially,the capital misallocation of Anhui Province from 2001 to 2008 was more serious than that of other provinces and cities;energy misallocation index of the Yangtze River Delta provinces and cities fluctuated significantly during the short period of the 2008 financial crisis.Second,There is an inverted U-shaped relationship between foreign direct investment and capital misallocation,labor misallocation and energy misallocation in the Yangtze River Delta.The research will provide policy inspiration for the Yangtze River Delta to reasonably introduce FDI,improve resource misallocation,and promote high-quality development.