新发展格局下扩大城市消费需求能否促进FDI流入?——基于长三角地区的实证研究

Can the Expansion of Urban Consumption Demand Under the New Development Pattern Drive FDI Inflows?An Empirical Analysis of the Yangtze River Delta Region

文章基于2011—2020年长三角地区41个城市面板数据,运用双向固定模型实证分析消费需求提升对FDI流入的影响及作用机制。研究发现:消费需求提升对FDI流入具有显著的正效应,但该正效应在经济发展水平较高城市、长三角城市群城市、生产型城市以及高水平消费需求城市中更为显著,且消费需求提升有助于促进更高质量的FDI流入;产业结构升级和信贷规模扩大在消费需求提升与FDI流入之间存在部分中介效应;消费需求与FDI具有显著的空间集聚特征,消费需求提升能够促进本市及相邻城市FDI流入。本研究对加快构建新发展格局、推进高水平对外开放具有重要的现实意义。

Based on the panel data of 41 cities in the Yangtze River Delta region from 2011 to 2020,this paper empiri⁃cally analyzes the impact and mechanism of rising consumer demand on FDI inflow by using a two-way fixed model.The study finds that:The consumption demand enhancement has a significant positive effect on FDI inflow,but the posi⁃tive effect is more significant in cities with higher economic development level,cities in the Yangtze River Delta urban agglomeration,production-oriented cities and cities with high level of consumption demand.Moreover,the increase of consumption demand is beneficial to promote higher quality FDI inflow.The industrial structure upgrading and credit scale expansion have partial mediating effects between consumer demand enhancement and FDI inflow.There is a sig⁃nificant spatial agglomeration characteristics between the consumer demand and FDI,the consumption demand enhance⁃ment can promote FDI inflow in this city and its neighboring cities.The research of this paper has important practical significance for accelerating the construction of a new development pattern and promoting high-level opening-up to the outside world.