金融发展对FDI技术溢出的影响——基于江苏省面板数据的研究

The Impact of Financial Development on FDI Technology Spillovers——Research based on Panel Data from Jiangsu Province

外商直接投资(FDI)技术溢出效应已被许多学者证明存在,但影响溢出效应的因素却一直存在争议。目前关于金融发展因素的实证研究仍较少,本文选用门槛回归模型,在江苏省范围内研究金融发展对FDI溢出的影响。研究结论为,江苏省内FDI对经济增长的影响存在较为显著的金融发展双门槛效应,表现为5%的显著性水平下显著的低门槛和1%显著性水平下显著的高门槛。即江苏省内的金融水平低于门槛值时,FDI无明显溢出效应。大于低门槛值时,金融发展会促进FDI的溢出效应。大于高门槛值时,FDI溢出效应进一步扩大。

The technology spillover effect of foreign direct investment(FDI)has been proven to exist by many scholars,but the factors affecting the spillover effect have always been controversial.At present,there is still limited empirical research on the factors of financial development.This article uses a threshold regression model to study the impact of financial development on FDI spillovers in Jiangsu Province.The research conclusion is that there is a significant financial development dual threshold effect of FDI on economic growth in Jiangsu Province,manifested as a significant low threshold at the 5%significance level and a significant high threshold at the 1%significance level.When the financial level within Jiangsu Province is below the threshold,FDI has no significant spillover effect.When it exceeds the low threshold,financial development will promote the spillover effect of FDI.When it exceeds the high threshold,the spillover effect of FDI further expands.