金融发展影响OFDI的机理与效应研究

发布时间：2018-05-01 00:11

本文选题：金融发展 + OFDI　；参考：《浙江大学》2016年硕士论文

【摘要】：自20世纪90年代以来,中国政府在积极推行对外开放、引进外资(FDI)的同时,也在逐步推进“走出去”战略,鼓励中国企业对外投资、跨国经营。对外直接投资(OFDI)成为中国参与世界经济的重要路径之一。中国对外直接投资总额从2003年的29亿美元持续高速增长到2014年的1231.2亿美元,创下历史最高值。2014年OFDI总额是2003年的42.5倍,年均增速高达40.6%。为此,国内外学者从不同的角度对中国OFDI进行了研究,认为一国的经济发展水平、汇率、外汇储备、政策制度、物价水平、经济开放度等因素会影响OFDI的发展。金融是现代经济的核心,OFDI是国际资本流动的方式之一,作为经济金融全球化的重要一环,其必然受到金融发展的影响,但现有的研究就金融发展对OFDI的影响很少涉及。论文在构建金融发展影响OFDI的机理与路径的基础上,就金融发展与OFDI的现状进行国别比较分析,并对金融发展影响OFDI的效应进行了实证检验。研究结果表明,金融发展主要通过提供融资、资本配置等直接路径；以及技术外溢、提升生产率等间接路径影响OFDI。金融发展水平主要包含金融结构、金融规模和金融效率,金融发展水平存在显著国别差异,高收入国家的金融规模、金融结构和金融效率要远高于中低收入国家；中国的金融规模总体比较平稳,金融结构中的证券发展水平存在明显的周期性,宏观金融效率也十分稳定,总体来说中国的金融发展水平相对滞后,与发达国家存在显著差异。OFDI的国别差异也十分显著,高收入国家OFDI绝对值大,OFDI/GDP的比值也很大；中国的OFDI一直呈现增长之势,绝对值也跃居世界第三,但OFDI/GDP的比率却与高收入国家相差甚远。金融发展影响OFDI的实证结果显示金融规模扩张、金融结构优化和金融效率提升对OFDI有显著的促进作用,此外,一国的资本形成总额增速、贸易依存度与OFDI也呈现显著的正相关关系,GDP增速、雇员报酬、资本管制与OFDI则呈现显著的负相关关系,而汇率、关税、监管壁垒等因素对OFDI的影响并不显著。最后,文章提出了强化金融中心的辐射作用,有序促进金融规模的扩张；完善金融体系,优化金融结构；推进金融市场改革,提升金融效率等三大政策建议。
[Abstract]:Since the 1990s, the Chinese government has been actively promoting the opening up to the outside world and the introduction of foreign capital (FDI). At the same time, it has also gradually promoted the strategy of "going out" to encourage Chinese enterprises to invest abroad and operate across national borders. Foreign direct investment (OFDI) has become one of the important ways for China to participate in the world economy. China's total outward direct investment continued to grow rapidly from $2.9 billion in 2003 to an all-time high of $123.12 billion in 2014, a record 42.5 times higher than in 2003 and growing at an average annual rate of 40.6. For this reason, scholars at home and abroad have studied China's OFDI from different angles, and concluded that the level of economic development, exchange rate, foreign exchange reserve, policy system, price level, economic openness and other factors will affect the development of OFDI. Finance is the core of modern economy. It is one of the ways of international capital flow. As an important part of economic and financial globalization, it is bound to be influenced by financial development. On the basis of constructing the mechanism and path of the influence of financial development on OFDI, this paper makes a country comparative analysis on the current situation of financial development and OFDI, and makes an empirical test on the effect of financial development on OFDI. The results show that financial development affects OFDI mainly through direct paths such as financing, capital allocation, and indirect paths such as technology spillover and productivity enhancement. Financial development level mainly includes financial structure, financial scale and financial efficiency. There are significant differences in financial development level between different countries. The financial scale, financial structure and financial efficiency of high-income countries are much higher than those of low- and middle-income countries. The overall financial scale of China is relatively stable, the level of securities development in the financial structure has obvious periodicity, and the macro financial efficiency is also very stable. In general, the level of financial development in China is relatively lagging behind. There are significant differences between China and developed countries. There are also very significant differences between different countries. The absolute value of OFDI in high-income countries is also very large. The OFDI of China has been showing a trend of growth, and its absolute value has also leapt to the third place in the world. But the ratio of OFDI/GDP is far from that of high-income countries. The empirical results of financial development affecting OFDI show that the expansion of financial scale, the optimization of financial structure and the improvement of financial efficiency have a significant impact on OFDI. In addition, the total capital formation rate of a country is increasing. There is also a significant positive correlation between the degree of trade dependence and OFDI growth, and a significant negative correlation between OFDI and employee compensation, capital control, while exchange rate, tariff, regulatory barriers and other factors have no significant impact on OFDI. Finally, the paper puts forward three policy suggestions: strengthening the radiation function of the financial center, promoting the expansion of the financial scale in an orderly manner, perfecting the financial system, optimizing the financial structure, promoting the reform of the financial market and enhancing the financial efficiency.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F125.4;F832

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