金融发展、经济开放与对外直接投资的关系研究

A Study on the Relationship between Financial Development,Economy Openness and Outward Foreign Direct Investment

笔者利用中国1992—2011年数据,实证检验了金融发展、经济开放程度与对外直接投资之间的关系。研究发现:金融深化、金融结构优化、经济开放程度与对外直接投资之间存在一种长期的稳定关系。其中,经济开放程度、金融结构优化与对外直接投资呈正相关关系,金融深化则与对外直接投资呈负相关关系。但在不同的期限里,各变量对对外直接投资的冲击有所不同。基于以上结论,笔者提出了进一步促进中国对外直接投资增长的政策建议。

This paper tests the relationship between the financial development,economy openness and outward foreign direct investment by using the Chinese data from 1992—2011. The result shows that: there is longterm stable equilibrium relationship between the financial deepening,financial structure optimization,economy openness and OFDI. there is a positive relationship between financial structure optimization,economy openness and OFDI. there is a negative relationship between financial deepening and OFDI. But in different periods,the impacts of the variables on the OFDI are different. Finally,based on the above mentioned conclusion,the paper offers some policy suggestions for further promoting OFDI growth.