FDI、吸收能力与区域创新：金融发展的视角

发布时间：2018-05-14 14:20

本文选题：FDI + 金融发展　；参考：《对外经济贸易大学》2016年博士论文

【摘要】：本文构建了金融发展视角下,FDI影响区域创新的理论分析框架,分别探讨了金融发展水平对FDI流入的影响,金融发展水平对FDI对区域创新的直接影响的调节作用,在此基础上,本文重点研究了FDI是通过吸收能力来影响区域创新的,并进一步考察了金融发展水平对于吸收能力的调节作用。根据联合国贸发组织(UNCTAD)发布的《世界投资报告2015》,2014年,中国全年吸引外资达到1195.6亿美元,超过了美国,居全球首位。虽然我国是全球吸引FDI最多的国家,但由于国内各个地区的经济水平、市场规模、金融市场等方面发展不平衡,导致各个地区FDI的流入存在着区域差异。如此大规模的外资涌入对中国自主创新能力究竟产生了怎样的影响呢?近年来越来越多的学者开始反思FDI战略,“以市场换技术”的战略效果如何?影响各个地区FDI流入的因素是什么?FDI是否促进了区域创新能力?什么因素还影响着FDI对区域创新能力所产生的作用?这些问题都是值得深入研究和探析的,而研究FDI技术溢出效应成为解决这一系列问题的核心。目前国内外学者集中于对FDI技术外溢效应的影响因素和其测度的相关研究上,其中,东道国的“吸收能力”作为重要的影响因素而成为研究的关注点。然而在国内外相关文献中,金融发展水平作为吸引FDI、FDI技术溢出效应以及东道国吸收能力的影响因素却被忽略,相关的研究成果较少,更是少有学者关注到金融发展、FDI、吸收能力与区域创新能力的关联机制。基于此,本文将从金融市场视角下,探讨FDI对区域创新能力的影响机制,具体来看,首先分析地区金融发展水平对FDI流入的影响,然后分析地区金融发展水平在FDI与区域创新能力二者之间关系的调节作用,最后进一步考察地区金融发展水平对FDI影响区域创新能力的实现路径(也就是吸收能力)的调节作用,通过以上研究揭示出FDI对区域创新能力作用机制的实现路径中金融发展水平所产生的影响,进一步厘清FDI对区域创新能力影响的作用机理和实现路径。本文的结构主要由六部分组成。第1章为引言,分析本文的研究背景、研究意义、研究思路、研究内容以及研究方法;第2章为理论回顾和国内外研究现状,回顾了国内外研究现状,为本文的研究提供理论基础和理论依据;第3章为地区金融发展对FDI流入影响研究以及东中西部地区金融发展水平对FDI流入的影响分析;第4章为FDI对区域创新能力影响研究以及FDI对东中西部地区创新能力影响的研究,并进一步分析了地区金融发展水平对FD与区域创新能力二者关系的调节作用;第5章探讨了吸收能力对fdi影响区域创新能力的中介作用,并进一步分析了地区金融发展水平对吸收能力中介作用的调节效应;第6章为研究结论以及研究启示。本文在一个综合分析框架下,系统分析了金融发展水平对fdi影响我国区域创新能力全过程中所发挥的不同作用,有助于在较深层次理解和认识fdi对我国区域创新的作用机制,并利用1998-2008年28省(市)的面板数据进行实证考察,主要发现有:(1)在1998-2008年期间,我国各地区的金融发展水平阻碍了fdi的流入,不是吸收外商直接投资的区位优势因素。(2)东中西部地区金融发展水平对fdi流入的影响存在差异,东部地区的金融发展水平不利于fdi的流入,而中西部地区的金融发展水平对fdi的流入没有显著影响。(3)从整体上上来看,fdi显著促进了我国区域创新能力的提高;从不同区域来看,fdi对东中西部地区创新能力的影响也存在较大差异,fdi显著促进了东部地区创新能力的提高,却阻碍了中西部地区的创新能力的提高。(4)地区金融发展水平在fdi与区域创新能力二者关系之间有非线性调节作用,金融发展规模的调节作用有双重门槛的特征,金融发展效率的调节作用具有单一门槛的特征,表明一个地区的金融水平直接影响着fdi技术溢出效应的发挥。(5)吸收能力在fdi与区域创新能力二者关系之间起完全中介作用,且地区金融发展水平对吸收能力的中介效应有调节作用。可见,地区金融发展水平在fdi影响区域创新能力的作用过程中发挥了不同的作用,也就是说在fdi影响区域创新能力作用过程的不同环节,金融发展水平发挥的作用是存在差异的。最后对论文的研究结论、产生的政策其实以及存在的局限性进行了说明。本文在一个综合框架下,系统分析了fdi对区域创新能力的作用机制的实现路径中金融发展水平所产生的影响,在新的研究思路指导下,论文研究内容产生了一系列创新,主要包括以下几个方面:1、构建了金融发展水平在fdi对区域创新能力作用机制的实现路径中所产生的影响的分析框架,是研究思路的创新。首先分析地区金融发展水平对fdi流入的影响,然后分析地区金融发展水平在fdi与区域创新能力二者之间关系的调节作用,最后进一步考察地区金融发展水平对fdi影响区域创新能力的实现路径(也就是吸收能力)的调节作用,也就是综合考察了fdi影响区域创新能力作用过程中金融水平所产生的不同影响。2、考察了fdi通过研发投入产生的吸收能力来影响区域创新能力的作用机制。以往研究没有充分考虑研发投入产生的吸收能力,而仅仅将研发投入作为技术进步的重要因素(白洁,2011),换言之,研发投入产生的吸收能力是不同区域有效吸收并应用fdi技术溢出的重要能力,它展现出不同区域如何吸收、应用和转化FDI技术溢出,进而提升区域创新能力。3、考察了金融发展水平对吸收能力中介效应的调节作用,进而影响了FDI对区域创新能力的提升效果。以往研究没有关注吸收能力在FDI与区域创新能力二者关系之间所起的中介效应也会受到外部因素的影响,CohenLevinthan(1990)提出RD经费投入是影响吸收能力的重要因素,然而由于企业研发项目存在着比较严重的信息不对称,导致RD经费投入受制于融资约束(温军等,2011),而高效的金融系统可以有效缓解融资约束,促进企业RD经费投入(AngMadsen,2008),区域的吸收能力的提高增强了FDI对区域创新能力的提升作用。
[Abstract]:This paper constructs the theoretical analysis framework of FDI affecting regional innovation from the perspective of financial development, discusses the impact of the level of financial development on the inflow of FDI, and the regulating effect of the level of financial development on the direct impact of FDI on regional innovation. On this basis, this paper focuses on the study of the influence of FDI on regional innovation through absorptive capacity. According to the world investment report 2015> issued by the United China World Trade Center Development Organization (UNCTAD), China attracted 119 billion 560 million US dollars in 2014, which exceeded the United States and ranked first in the world. Although China is the world's largest country that attracts the largest number of FDI, it is due to various regions of the country. The unbalanced development of economic, market and financial markets leads to regional differences in the inflow of FDI in various regions. How does the influx of foreign capital affect China's independent innovation ability? In recent years, more and more scholars have begun to think about the strategy of FDI and the strategic effect of "market for technology" What? What are the factors that affect FDI inflow in various regions? Does FDI promote regional innovation capacity? What factors also affect the role of FDI on regional innovation ability? These problems are all worth studying and exploring, and the study of the spillover effect of FDI has become the core of this series of problems. Focusing on the related research on the factors affecting the spillover effect of FDI technology and its measurement, the "absorptive capacity" of the host country is the important concern of the research. However, in the relevant literature at home and abroad, the level of financial development as a result of the effect of the FDI, the spillover effect of the FDI technology and the absorption capacity of the host country In this paper, we will discuss the influence mechanism of FDI on regional innovation capability from the perspective of financial market, and firstly analyze the impact of regional financial development level on FDI inflow, based on this, this paper will discuss the influence mechanism of FDI on regional innovation ability from the perspective of financial market. Then the adjustment function of regional financial development level on the relationship between FDI and regional innovation capacity two is analyzed. Finally, the adjustment function of regional financial development level to the realization path of regional innovation ability (that is absorption capacity) which affects the regional innovation ability of FDI is further investigated. Through the above study, the realization of the mechanism of the function of regional innovation ability by FDI is revealed. The impact of the level of financial development in the path, further clarifies the mechanism and the path of the impact of FDI on regional innovation capability. The structure of this article is mainly composed of six parts. The first chapter is an introduction, analyzing the research background, research significance, research ideas, research content and research methods; the second chapter is the theoretical review and the home and abroad. Research status, review the research status at home and abroad, provide theoretical basis and theoretical basis for this study; the third chapter is the impact of regional financial development on FDI inflow and the impact of financial development level on FDI inflow in eastern and western regions; the fourth chapter is the study of the impact of FDI on Regional innovation ability and the creation of FDI in eastern and western regions. The study of the impact of new ability, and further analysis of the adjustment role of regional financial development level on the relationship between FD and regional innovation capacity two. The fifth chapter discusses the intermediary role of absorptive capacity on FDI's influence on regional innovation ability, and further analyzes the moderating effect of regional financial development level on the intermediary role of absorption capacity; the sixth chapter is to study the effect of the sixth chapter. In the framework of a comprehensive analysis, this paper systematically analyzes the different functions of the financial development level on the impact of FDI on the whole process of regional innovation ability in China, and helps to understand and understand the mechanism of FDI's role in regional innovation in our country at a deeper level, and to make use of the panel data of the 28 provinces (cities) for 1998-2008 years. The main findings are as follows: (1) in the period of 1998-2008 years, the financial development level of various regions of our country hindered the inflow of FDI, not the location advantage of absorbing foreign direct investment. (2) there were differences in the influence of financial development level on the inflow of FDI in the Eastern and western regions, and the level of financial development in the eastern region was not conducive to the inflow of FDI. The level of financial development in the central and western regions has no significant impact on the inflow of FDI. (3) from the overall point of view, FDI has significantly promoted the improvement of regional innovation ability in China. From different regions, the impact of FDI on the innovation ability of eastern and western regions also has great differences. FDI has significantly promoted the improvement of the ability of innovation in the eastern region, but hindered the development of the innovation ability of the eastern and western regions. The innovation ability of the central and western regions has been improved. (4) the level of regional financial development has a nonlinear adjustment between the relationship between FDI and the two parties of regional innovation ability. The adjustment function of the scale of financial development has a double threshold, and the regulation of the efficiency of financial development has the characteristics of a single threshold, indicating the direct financial level of a region. It affects the FDI technology spillover effect. (5) the absorptive capacity plays a complete intermediary role between FDI and regional innovation ability, and the level of regional financial development has a moderating effect on the intermediary effect of absorptive capacity. It can be seen that the level of regional financial development plays different roles in the role of FDI affecting regional innovation ability. In other words, there are differences in the role of the financial development level in different links in the process of the effect of FDI on regional innovation ability. Finally, it explains the conclusion of the research, the policy and the limitations of the existence of the paper. Under a comprehensive framework, this paper analyzes the mechanism of the function of FDI to regional innovation ability. Under the guidance of the new research ideas, the contents of the paper produce a series of innovations, mainly including the following aspects: 1, the analysis framework of the impact of the financial development level on the implementation path of the regional innovation capability mechanism by FDI is constructed, which is the research idea. First, we analyze the influence of regional financial development level on FDI inflow, and then analyze the adjustment role of regional financial development level on the relationship between FDI and regional innovation capacity two. Finally, we further examine the adjustment role of regional financial development level on the path (i.e. absorptive capacity) of regional innovation ability which affects the regional innovation ability of FDI. It is a comprehensive survey of the different effects of the impact of the financial level on the impact of FDI on regional innovation ability in the process of.2, and examines the mechanism of the effect of FDI on regional innovation capability through the absorption capacity produced by R & D input. The previous research did not fully consider the absorption energy produced by R & D input, but only the R & D input was used as a technological progress. The important factor (Bai Jie, 2011), in other words, the absorption capacity produced by R & D input is an important ability of effective absorption and application of FDI technology spillover in different regions. It shows how different regions absorb, apply and transform FDI technology spillovers, and then improve regional innovation ability.3, and examine the intermediary effect of financial development level on absorptive capacity. In the past, the mediation effect of FDI on regional innovation ability is not concerned. The mediator effect between FDI and regional innovation ability two is also affected by the external factors. CohenLevinthan (1990) suggests that the investment of RD is an important factor affecting the absorptive capacity, however, because of the enterprise There is a serious information asymmetry in the R & D project, which leads to the financing constraints of RD (Wen Jun, 2011), and the efficient financial system can effectively alleviate the financing constraints and promote the investment of RD (AngMadsen, 2008), and the higher absorption capacity of the region enhances the promotion of the regional innovation ability.

【学位授予单位】：对外经济贸易大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F832.6

【参考文献】