摘要
本文着重考察了外商直接投资与金融发展在地区资本配置方面发挥的作用及两者间是否存在替代或者互补性关系。文章以1999～2006年间中国大陆28个地区27个工业行业为样本,借助Wurgler(2000)的资本配置效率估算模型,构建了非国有部门信贷比重等衡量金融发展程度的指标,运用系统广义矩估计方法进行了实证检验。结果显示:外商直接投资和金融发展显著改善了地区资本配置效率,但两者间的竞争和挤出效应妨碍了个体功能的有效发挥,这一问题在上海等经济较发达地区尤其突出。主要政策含义是进一步深化国内金融体系改革和适当调整外资策略。
The paper mainly studies whether financial development and foreign direct investment as well as their joint effect improve local capital allocation efficiency with the perspective of real economy. With China＇s province-level industrial data from 1999 to 2006 as a sample, the paper uses a system GMM technology to explore the empirical relationship between financial development and foreign direct investment as well as their joint effect and local capital allocation efficiency through Wurgler （2000） model and self-constructed financial development indicators. The result shows that financial development and foreign direct investment are related with the local capital allocation efficiency positively, but their joint effect goes against the improvement of local capital allocation efficiency. The policy implication of the paper is to further deepen domestic financial system reform and adjusts foreign investment strategy appropriately.
出处
《金融研究》
CSSCI
北大核心
2010年第3期80-97,共18页
Journal of Financial Research
基金
江春教授主持的教育部人文社会科学重点研究基地重大研究项目"发展中国家及经济转型国家的金融改革与经济发展"(项目编号:05JJD790020)
国家自然科学基金青年项目"东道国制度环境对FDI溢出效应的影响机制:基于地方市场分割的研究"(项目编号:70902055)的阶段性成果
国家自然科学基金青年项目"我国上市公司纵向并购的战略动因与经营绩效分析"(项目编号:70702017)对本研究项目的资助
关键词
外商直接投资
金融发展
地区资本配置效率
foreign direct investment, financial development, local capital allocation efficiency, System GMM
