FDI与金融市场效率：中国的经验

发布时间：2018-01-03 05:40

本文关键词：FDI与金融市场效率：中国的经验　出处：《浙江财经学院》2013年硕士论文　论文类型：学位论文

【摘要】：近年来，FDI大量的流入我国，许多学者就FDI流入的原因及FDI对我国经济的影响进行了大量的分析。本文就FDI流入我国的原因进行重新思考，试图从金融市场的不同角度来重新审视FDI。其实就FDI与金融市场之间的关系，许多学者也进行了研究，但大多数是研究我国金融市场发展对FDI技术溢出的影响和渠道作用。研究表明，发达的金融市场会促进FDI的溢出效应，有利于东道国的技术扩散，从而促进经济增长。但却很少有学者研究FDI对金融市场的影响与作用机制。本文就以FDI对金融市场的影响与作用机制为重点研究内容，通过理论研究发现，FDI对金融市场的影响有两种作用机制。一方面，FDI通过“己厂效应”、“水平效应”和“前后向关联效应”三个渠道，将信贷资金引向了与之相关的私人企业，，从而缓解了相关私人企业的融资约束，提高了储蓄的投资转化率，在一定程度上改善了金融市场的配置效率。另一方面，FDI通过产生输入性的通货膨胀，加剧了企业的信贷约束，使得储蓄不能有效地转化为投资，进而降低金融市场的配置效率。那么，FDI是否有利于金融市场效率的提高，就取决于上述两种机制谁占主导地位。本文采用1995-2010年全国29个省市自治区的面板数据进行实证检验。全国样本的实证检验结果表明，在现行的市场化程度下，FDI提高了金融市场的效率。在分区域的实证分析中，FDI对金融市场效率的影响，东部区域是显著的促进作用，而中、西部区域的FDI并没有出现对金融市场效率产生促进作用。FDI虽然能在一定的程度上促进金融市场效率的提高，但从长期来看，完善国内金融结构比过分依赖FDI更为重要的。中国应该减少对FDI的过多依赖，大力发展国内金融市场，推进金融结构的完善和发展。
[Abstract]:In recent years , FDI flows into our country , many scholars have made a lot of analysis on the reason of FDI inflow and the influence of FDI on China ' s economy . In view of the relationship between FDI and financial market , many scholars have also studied the relationship between FDI and financial market . However , most researches have shown that the developed financial markets can promote the spillover effect of FDI and promote the economic growth . But few scholars have studied the influence and mechanism of FDI on financial markets . On the other hand , FDI has improved the financial market ' s allocation efficiency through the " self - factory effect " , " horizontal effect " and " forward - backward correlation effect " . On the other hand , FDI has improved the financial market ' s allocation efficiency through " self - factory effect " , " horizontal effect " and " forward - backward correlation effect " . The empirical test of the panel data of 29 provinces and municipalities in China from 1995 to 2010 shows that FDI has improved the efficiency of financial markets . In the empirical analysis of the subregion , FDI has no effect on the efficiency of financial markets . Although FDI can promote the efficiency of financial markets in a certain extent , it is more important to improve the domestic financial structure than relying on FDI in the long term . China should reduce the excessive dependence on FDI , develop domestic financial markets , and promote the perfection and development of financial structure .

【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6;F832.51;F224

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