新发展格局下城市数字金融对外商直接投资的影响——来自我国256个地级及以上城市的经验证据

The Impact of Urban Digital Finance on Foreign Direct Investment under the New Development Paradigm:Empirical Evidences from 256 Cities in China

本文探讨了城市数字金融影响外商直接投资的经济效应及其背后的机制,并基于2011—2018年我国256个地级及以上城市的面板数据进行计量分析。结果发现,城市数字金融显著正向影响外商直接投资,可以成为新发展格局下城市吸收外商直接投资的重要新动能。城市数字金融不仅直接影响外商直接投资,而且间接通过数字基础设施对外商直接投资产生积极作用;城市数字金融对外商直接投资的促进作用呈现显著“边际效应”递增的非线性特征,表明互联网“梅特卡夫法则”“摩尔定律”“达维多定律”在城市吸收外商直接投资过程中共同发挥作用;城市数字金融对外商直接投资的促进作用还呈现出显著的地理异质性,影响效应从东部到中部再到西部逐次递减。上述结论为我国促进数字经济与实体经济深度融合,加快推动数字基础设施建设,构建高水平对外开放新体系等提供政策启示。

This paper discusses the economic effect and the underlying mechanism of urban digital finance on foreign direct investment(FDI) in theory.Empirically,this paper makes an econometric analysis based on the panel data of 256 cities at or above the prefecture level in China from 2011 to 2018.The results show that urban digital finance has a significant positive impact on foreign direct investment,which can become a new driving force for cities to absorb foreign direct investment under the new development paradigm.Urban digital finance not only directly affects foreign direct investment,but also indirectly has a positive effect on foreign direct investment through digital infrastructure.It shows that the promotion of urban digital finance on FDI shows a significant non-linear characteristic of increasing “marginal effect”,which indicates that the Internet “Metcalfe law”,“Moore's law” and “Davido's law” play a joint role in the process of cities absorbing FDI in China;the promotion of urban digital finance on FDI also shows a significant geographical difference,gradually decreasing from the east to the central and then to the west region in China.These conclusions provide policy enlightenment for China to promote the deep integration of digital economy and real economy,accelerate the construction of digital infrastructure,and build a new high-level opening-up system.