对外直接投资促进了母国全要素生产率增长吗——基于金融发展门槛模型的实证检验

发布时间：2018-03-16 21:42

本文选题：金融发展　切入点：对外直接投资　出处：《国际贸易问题》2017年07期 　论文类型：期刊论文

【摘要】：本文基于2003-2014年中国省际面板数据,将环境污染综合指数和能源消耗分别作为非合意产出和投入要素纳入全要素生产率(TFP)测算框架,采用非径向、非角度SBM模型和DEA-GML指数评估了中国TFP的真实水平,并构建以金融发展综合指数为门槛变量的面板门槛模型,实证检验了对外直接投资(OFDI)对母国TFP影响的门槛效应。研究结果表明:OFDI对母国TFP的影响显著存在基于本国金融发展水平的双门槛效应,即当金融发展水平未跨越第一个门槛值时,OFDI对TFP产生了显著的负效应;当金融发展水平位于两个门槛值之间时,OFDI对TFP的负效应有所减弱;当金融发展水平跨越第二个门槛值后,OFDI显著促进了TFP增长。当前中国整体金融发展水平尚未达到促使OFDI产生正向生产率溢出的水平。样本期内中国OFDI与金融发展耦合协调度较高的地区倾向于具有较高的TFP。
[Abstract]:Based on the inter-provincial panel data of China from 2003 to 2014, the environmental pollution composite index and energy consumption are taken as non-desirable output and input factors respectively into the TFP (Total Factor Productivity) calculation framework, and the non-radial model is adopted. The non-angle SBM model and DEA-GML index are used to evaluate the real level of TFP in China, and a panel threshold model with the financial development index as the threshold variable is constructed. The threshold effect of OFDI on TFP of home country is tested empirically. The results show that there is a double threshold effect based on the level of financial development of home country. That is, when the level of financial development does not cross the first threshold, it has a significant negative effect on TFP, and when the level of financial development lies between the two thresholds, the negative effect of OFDI on TFP is weakened. When the level of financial development exceeded the second threshold, OFDI significantly promoted the growth of TFP. At present, the overall level of financial development in China has not reached the level of positive productivity spillover caused by OFDI. In the sample period, China's OFDI and financial development have not reached the level of positive productivity spillover. Areas with higher coupling coordination tend to have higher TFP.
【作者单位】：重庆理工大学经济金融学院;
【分类号】：F124;F125;F832

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