Financial Development, Foreign Direct Investment, and the Efficiency of Capital Allocation in China

We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each individually tended to improve the efficiency of local capital allocation during the sample period, they tended to compete and crowd out each other＇s effect, so that one impaired the individual function of the other. In particular, there exists a threshold value for local financial development, above which an increase in FDI reduces the efficiency of local capital allocation, rather than improve it. On the other hand, there exists a threshold value for FDI, above which further development in the local financial system lowers the efficiency of local capital allocation, rather than increase it. Our estimations suggest that the levels of FDI and local financial development in some relatively more developed Chinese regions have already surpassed such threshold values. We provide some interpretations of our findings and we discuss potential policy implications.

外商直接投资、金融发展与地区资本配置效率——来自省级工业行业数据的证据

本文着重考察了外商直接投资与金融发展在地区资本配置方面发挥的作用及两者间是否存在替代或者互补性关系。文章以1999～2006年间中国大陆28个地区27个工业行业为样本,借助Wurgler(2000)的资本配置效率估算模型,构建了非国有部门信贷比重等衡量金融发展程度的指标,运用系统广义矩估计方法进行了实证检验。结果显示:外商直接投资和金融发展显著改善了地区资本配置效率,但两者间的竞争和挤出效应妨碍了个体功能的有效发挥,这一问题在上海等经济较发达地区尤其突出。主要政策含义是进一步深化国内金融体系改革和适当调整外资策略。

近十年来普惠金融发展对中国对外直接投资的影响——基于30个省市面板数据的实证分析

利用2004-2017年我国省级面板数据,实证检验了普惠金融发展与中国对外直接投资之间的关系。研究发现:普惠金融发展对我国对外直接投资有显著为正的影响。普惠金融发展主要是通过实际使用度来促进对外直接投资,地理渗透性和服务可得性两个维度对我国对外直接投资的影响都不明显。此外,经济发展水平、对外贸易水平以及技术创新能力对我国对外直接投资有促进作用。分地区回归结果表明,只有东部地区的普惠金融发展对我国对外直接投资有显著的促进作用。对于中西部地区,普惠金融发展均未促进对外直接投资。基于以上结论,提出了建立和健全普惠金融发展体系、加强金融教育和金融基础设施建设、缩小地区间金融服务差距的政策建议以促进我国对外直接投资的发展。