金融发展视角下的FDI溢出效应研究

发布时间：2018-01-13 03:32

本文关键词：金融发展视角下的FDI溢出效应研究　出处：《浙江工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：上世纪90年代以来,外商直接投资(FDI)大量涌入我国,并且保持逐年增长的态势。随着我国引入FDI力度的不断增强,关于FDI与经济增长关系的研究越来越多。FDI的资本积累效应和溢出效应,尤其是后者,已经成为学者们关注的热点。研究发现,FDI通过技术溢出促进经济增长的效果受到东道国的吸收能力的制约。金融发展作为吸收能力的重要构成要素,其对FDI溢出效应的影响越来越受到重视。在以往金融市场因素与FDI溢出的相关研究中,研究者大多将目光聚集在如何更好的发挥金融市场的渠道作用,促进东道国对FDI溢出的吸收,却忽略了一点：金融市场可能直接对FDI产生影响。东道国的金融发展状况作为重要的投资环境,影响跨国公司的投资意愿,进而影响FDI的流入规模,甚至质量。这实际上决定了外资本身的溢出潜力。为了更全面的分析问题,本文在梳理好前人相关研究文献的基础上,分别对金融发展影响FDI流入规模和金融发展影响FDI溢出的吸收这两个命题进行了实证研究。在金融发展与FDI溢出的研究中,金融发展指标的选择一直是一个关键点。本文认为,金融发展这一概念的内涵十分丰富,单从一个角度难以准确的把握。况且,我国属于金融体系市场化程度不高的发展中国家,金融“质”的提高可能远比“量”的扩大更为重要。因此,本文除了常用的规模指标外,还引入了金融效率指标,以求准确的体现金融发展的内涵。本文首先对相关研究文献进行了梳理,然后分析了金融发展影响FDI溢出效应的作用机制。在此基础上,本文展开了两个层面的实证检验：第一个层面是使用我国的时间序列数据,检验金融发展水平与FDI引入规模的关系；第二个层面是利用我国省级面板数据,检验金融发展对我国发挥FDI溢出效应的影响,并对东部地区和中西部地区进行了对比分析。实证检验结果表明：金融发展规模和效率的扩大和提高能够拉动FDI流入规模,金融发展与FDI流入规模之间呈正相关的关系；从全国总体来看,无论是金融发展规模还是金融发展效率,都对FDI溢出的吸收起到了促进作用；在区域方面,我国东部地区的金融发展规模和效率都有利于FDI溢出效应的发挥；中西部地区的金融发展规模对FDI溢出效应起到了促进作用,但是,金融发展效率在一定程度上限制了FDI溢出效应的发挥；我国FDI溢出效应的发挥存在金融发展“门槛”,一些经济发展相对落后的地区,尤其在一些西部省份,金融发展水平,特别是金融体系效率较低,没有跨过门槛水平,导致不能充分吸收FDI的技术溢出。最后,根据实证结论,本文提出了相应的政策建议。
[Abstract]:Since -10s, foreign direct investment (FDI) has poured into China in large numbers, and maintained the trend of increasing year by year. There are more and more researches on the relationship between FDI and economic growth. The capital accumulation effect and spillover effect of FDI, especially the latter, have become the focus of attention of scholars. The effect of FDI to promote economic growth through technology spillover is restricted by the absorptive capacity of host country. Financial development is an important component of absorptive capacity. More and more attention has been paid to its impact on FDI spillover effect. In the previous studies of financial market factors and FDI spillover, most of the researchers will focus on how to better play the role of financial market channels, and promote the host country to absorb FDI spillover. However, the financial market may have a direct impact on FDI. As an important investment environment, the financial development of the host country affects the investment willingness of multinational corporations, and then affects the inflow of FDI. Even quality. This actually determines the spillover potential of foreign capital itself. This paper makes an empirical study on the two propositions that financial development influences the scale of FDI inflow and financial development influences the absorption of FDI spillover. In the study of financial development and FDI spillover, the choice of financial development indicators has been a key point. It is difficult to grasp accurately from a single angle. Moreover, China is a developing country with low degree of marketization of the financial system, the improvement of financial "quality" may be far more important than the expansion of "quantity". Besides the commonly used scale index, this paper also introduces the financial efficiency index in order to accurately reflect the connotation of financial development. This paper firstly combs the relevant research literature, then analyzes the mechanism of financial development influencing FDI spillover effect. On this basis. The first level is to use the time series data of our country to test the relationship between the level of financial development and the scale of FDI; The second level is the use of provincial panel data to test the impact of financial development on China's FDI spillover effect. The empirical results show that the expansion and improvement of financial development scale and efficiency can pull the scale of FDI inflow. There is a positive correlation between financial development and FDI inflow. As a whole, both the scale of financial development and the efficiency of financial development promote the absorption of FDI spillover. At the regional level, the scale and efficiency of financial development in eastern China are conducive to the development of FDI spillover effect. The scale of financial development in the central and western regions promotes the spillover effect of FDI, but the efficiency of financial development restricts the exertion of the spillover effect of FDI to some extent. There is a "threshold" for financial development in China's FDI spillover effect. In some areas where economic development is relatively backward, especially in some western provinces, the level of financial development, especially the efficiency of the financial system, is relatively low. Without crossing the threshold level, the technology spillover of FDI can not be fully absorbed. Finally, according to the empirical conclusions, this paper puts forward the corresponding policy recommendations.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6;F224

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