金融发展、FDI与经济增长关系研究

发布时间：2018-11-14 17:19

【摘要】：随着改革开放的进程加快，我国的经济发展增长迅速，在引起世界广泛关注的同时，也吸引着大量外资的流入。近年来，我国金融市场发展也发生了巨大的变化，并且伴随着我国加入世贸组织的步伐，对外贸易不断扩大。有数据显示我国FDI流入量连年增长，金融机构贷款余额同样是持续增加。FDI与金融发展之间的关系和交互作用成为了众多学者研究的课题。究竟FDI对经济增长起到何种作用，东道国不同的金融发展情况对于FDI的吸收是否有影响，差异的金融市场程度会对FDI促进经济的作用产生怎样的不同，本文就以上问题进行也深入地理论研究和实证分析。本文先对国内外相关理论和文献进行整理和总结，概述了目前关于FDI、金融发展、经济增长之间相互作用的理论以及学者基于相关数据的实证分析结论。然后对我国FDI与金融发展的发展历程、现状进行考察，并对两者的关系做出一般性理论分析，结合我国各省、市、自治区1996-2010年15年间的面板数据对涉及的因素进行实证检验，得出结论，即我国目前的金融发展水平并不发达，尤其是中、西部地区金融发展水平对FDI的引进吸收是抑制作用，各地区通过增加固定资产投入、扩大对外贸易水平及控制政府对金融的干预等措施，达到促进外商直接投资增加的目的。本文接着对FDI促进经济增长的传导模式进行了分析，外商直接投资通过资本积累效应、竞争效应、学习与模仿效应、产业相关效应等渠道对经济增长产生影响，同时就金融发展的四个方面：金融市场完善程度、利率体系、货币供应水平及金融中介机构，理论分析了其对FDI促进经济增长作用的影响机制，主要通过增加资本存量，提高储蓄转化投资率，灵活市场利率，提升信息对称，降低隐性风险等方式影响相关作用。继而建立FDI、金融发展与经济增长的计量模型，探讨基于我国实际情况的三者关系的相互影响作用，实证分析得出结论，我国金融发展水平对外商直接投资促进经济增长的调节作用并不显著，FDI与金融市场能动配合效果不明显，，甚至在有的地区弱化了对经济增长的影响。我国需要开拓通过资本积累以外的方式促进经济增长，同时鼓励和加大先进技术的开发与创新，促进企业自身及社会发展，结合固定资产投资、政府支出等渠道丰盈资本存量，开辟长期可持续发展道路。
[Abstract]:With the acceleration of the reform and opening up process, China's economic development is growing rapidly, which attracts a large amount of foreign capital inflow while attracting extensive attention in the world. In recent years, the development of China's financial market has also undergone tremendous changes, and with the pace of China's accession to the WTO, foreign trade continues to expand. Some data show that the amount of FDI inflow increases year after year, and the loan balance of financial institutions continues to increase. The relationship and interaction between FDI and financial development has become a research topic of many scholars. What role does FDI play on economic growth, whether different financial developments in host countries have an impact on the absorption of FDI, and how different the degree of financial markets will affect the role of FDI in promoting the economy. This article also carries on the thorough theory research and the demonstration analysis to the above question. Firstly, this paper summarizes the relevant theories and literatures at home and abroad, summarizes the current theories on the development of FDI, finance and the interaction between economic growth and scholars' empirical analysis based on relevant data. Then the development course and current situation of FDI and financial development in China are investigated, and the general theoretical analysis of the relationship between them is made, combining with the provinces and cities in our country. The panel data of the autonomous region from 1996 to 2010 empirically test the factors involved, and draw the conclusion that the current level of financial development in China is not developed, especially in China. The level of financial development in the western region can inhibit the introduction and absorption of FDI. By increasing the investment in fixed assets, expanding the level of foreign trade and controlling the government's intervention in finance, all regions can achieve the purpose of promoting the increase of foreign direct investment. This paper then analyzes the transmission mode of FDI to promote economic growth. FDI influences economic growth through the channels of capital accumulation effect, competition effect, learning and imitation effect, industry related effect and so on. At the same time, on the four aspects of financial development: the degree of financial market perfection, interest rate system, money supply level and financial intermediary, this paper theoretically analyzes its influence mechanism on the role of FDI in promoting economic growth, mainly by increasing the stock of capital. To improve the investment rate of savings conversion, flexible market interest rate, enhance information symmetry, reduce hidden risk and other ways to affect the impact of the role. Then it establishes the econometric model of FDI, financial development and economic growth, discusses the interaction of the three relations based on the actual situation of our country, and draws a conclusion from the empirical analysis. The level of financial development in China does not play a significant role in regulating foreign direct investment (FDI) to promote economic growth, and the effect of FDI and financial market dynamic coordination is not obvious, and even weakens the influence on economic growth in some areas. China needs to promote economic growth through ways other than capital accumulation, encourage and increase the development and innovation of advanced technology, promote the development of enterprises themselves and society, combine with fixed assets investment, government expenditure and other channels to enrich the capital stock. Open up a long-term sustainable development road.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832;F124.1;F224

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