我国双向直接投资协同发展对经济增长影响的实证研究

An Empirical Study of the Effects of Coordinated Development of Inbound and Outbound Direct Investment on China’s Economic Growth

吸引外资和对外投资是我国对外开放的重要途径,通过资本和技术的输入输出为我国经济增长带来活力。随着对外开放程度不断加快,近年来我国双向直接投资发展迅速,对外直接投资逐渐与实际利用外资水平持平。然而,区域内外商直接投资与对外直接投资规模不协调、区域之间发展不平衡等问题突出,不利于发挥双向直接投资对当地经济的拉动作用。本文基于2003-2020年我国29个省、自治区、直辖市的面板数据,运用固定效应模型实证分析了双向直接投资及其交叉乘积项对我国经济增长的影响,并对我国区域双向直接投资协同发展提出了相应建议。

Attracting inbound foreign investment and expanding outbound investment are important ways for China to open up its economy to the outside world. Two-way direct investment has developed rapidly in recent years, and through the movement of capital and technology, China’s economy has gained new vitality. Outbound investment has gradually equaled the scale of actually utilized foreign capital in the domestic economy. However, there are significant differences in the level of regional development and there is an imbalance in two-way investment in some areas. This is not conducive to optimizing the stimulative effect on the economy from two-way direct investment. Based on the panel data of 29 provinces in China between 2003 and 2020, this paper uses a fixed-effect model to empirically analyze the impact of two-way direct investment and its cross-product term on Chinese economic growth. It also offers suggestions for ensuring more coordinated development of two-way direct investment across China’s various regions.