摘要
此文采用中国工业企业数据库的40多万家企业2002-2007年的非平衡面板数据,实证检验了外资的溢出效应以及信贷约束对外资溢出效应的影响。研究结果表明,在相同的行业和相同的省份内,不论是来自港、澳、台的外资还是来自于其他地区的外资,都对国内企业(包括国有企业和非国有企业)产生了显著的溢出效应。进一步的实证分析发现,信贷约束阻碍了外资的溢出效应,行业的信贷约束程度越高,则同行业和同省份内外资对国内企业的溢出效应就越小,相关的稳健性检验也支持上述结论。因此,我国应加快推进金融市场改革进程,为企业提供更好的经营环境。
Based on the imbalanced panel data of more than 400 000 firms from 2002to2007 from industrial firm database,this paper empirically tests FDI spillovers and the impact of credit constraints on FDI spillovers.It shows that in the same province and industry,foreign direct investment,whether from Hong Kong,Macao and Taiwan or from other countries,has a positive spillover on domestic firms(including state-owned and nonstate-owned firms).Further empirical analysis indicates that credit constraints hinder FDI spillovers.Higher degree of industrial credit constraints leads to weaker FDI spillovers on domestic firms in the same province and industry.Relevant robustness test supports the conclusions above-mentioned.Therefore,China should accelerate the reform of financial market and provide a better business environment for firms.
出处
《财经研究》
CSSCI
北大核心
2014年第8期30-41,共12页
Journal of Finance and Economics
基金
教育部哲学社会科学系列发展报告项目:"世界经济发展报告"(11JBG004)
上海财经大学研究生创新基金(CXJJ-2012-352)资助
关键词
信贷约束
外资溢出
工业企业
credit constraint
FDI spillover
industrial firm
