中国各地区对外直接投资差异的影响因素研究——基于省级面板数据的实证分析

Study on the Factors Influencing OFDI of Different Regions in China——An Empirical Analysis Based on Provincial Panel-data

近年我国对外直接投资持续走高,但是我国对外直接投资却存在很大的地区差异,针对这一现象,本文采用我国30个省市2003~2009年的面板数据,探讨影响地区对外直接投资差异的因素。研究结果表明:在控制了其他变量后,从全国层面总的数据看,制度因素和金融发展对我国各地区对外直接投资有显著的正的影响;从地区内部层面来看,制度对东部地区省市的对外直接投资影响不显著,而中西部地区的对外直接投资显著地受制度的影响;金融发展对东部地区的对外直接投资影响显著,对中西部地区的影响不显著。

As OFDI has increased in China, there exists a big OFDI gap between different regions. The study was conducted using a set of 30 provinces over the period of time 2003-2009 to explore the factors infl uencing the OFDI of different regions. The main fi nding of this paper is that after controlling the relative variables, the institutional environment and fi nancial development have positive effects on the OFDI of different regions. At the provincial level, we fi nd that Institutional environment has no signifi cant effect on eastern regions, while fi nancial development has. Institutional environment has signifi cant effect on middle and western regions, while fi nancial development has not.