【摘要】：隨著改革開放的進(jìn)程加快，我國的經(jīng)濟(jì)發(fā)展增長迅速，在引起世界廣泛關(guān)注的同時，也吸引著大量外資的流入。近年來，我國金融市場發(fā)展也發(fā)生了巨大的變化，并且伴隨著我國加入世貿(mào)組織的步伐，對外貿(mào)易不斷擴(kuò)大。有數(shù)據(jù)顯示我國FDI流入量連年增長，金融機(jī)構(gòu)貸款余額同樣是持續(xù)增加。FDI與金融發(fā)展之間的關(guān)系和交互作用成為了眾多學(xué)者研究的課題。究竟FDI對經(jīng)濟(jì)增長起到何種作用，東道國不同的金融發(fā)展情況對于FDI的吸收是否有影響，差異的金融市場程度會對FDI促進(jìn)經(jīng)濟(jì)的作用產(chǎn)生怎樣的不同，本文就以上問題進(jìn)行也深入地理論研究和實證分析。 本文先對國內(nèi)外相關(guān)理論和文獻(xiàn)進(jìn)行整理和總結(jié)，概述了目前關(guān)于FDI、金融發(fā)展、經(jīng)濟(jì)增長之間相互作用的理論以及學(xué)者基于相關(guān)數(shù)據(jù)的實證分析結(jié)論。然后對我國FDI與金融發(fā)展的發(fā)展歷程、現(xiàn)狀進(jìn)行考察，并對兩者的關(guān)系做出一般性理論分析，結(jié)合我國各省、市、自治區(qū)1996-2010年15年間的面板數(shù)據(jù)對涉及的因素進(jìn)行實證檢驗，得出結(jié)論，即我國目前的金融發(fā)展水平并不發(fā)達(dá)，尤其是中、西部地區(qū)金融發(fā)展水平對FDI的引進(jìn)吸收是抑制作用，各地區(qū)通過增加固定資產(chǎn)投入、擴(kuò)大對外貿(mào)易水平及控制政府對金融的干預(yù)等措施，達(dá)到促進(jìn)外商直接投資增加的目的。本文接著對FDI促進(jìn)經(jīng)濟(jì)增長的傳導(dǎo)模式進(jìn)行了分析，外商直接投資通過資本積累效應(yīng)、競爭效應(yīng)、學(xué)習(xí)與模仿效應(yīng)、產(chǎn)業(yè)相關(guān)效應(yīng)等渠道對經(jīng)濟(jì)增長產(chǎn)生影響，同時就金融發(fā)展的四個方面：金融市場完善程度、利率體系、貨幣供應(yīng)水平及金融中介機(jī)構(gòu)，理論分析了其對FDI促進(jìn)經(jīng)濟(jì)增長作用的影響機(jī)制，主要通過增加資本存量，提高儲蓄轉(zhuǎn)化投資率，靈活市場利率，提升信息對稱，降低隱性風(fēng)險等方式影響相關(guān)作用。繼而建立FDI、金融發(fā)展與經(jīng)濟(jì)增長的計量模型，探討基于我國實際情況的三者關(guān)系的相互影響作用，實證分析得出結(jié)論，我國金融發(fā)展水平對外商直接投資促進(jìn)經(jīng)濟(jì)增長的調(diào)節(jié)作用并不顯著，F(xiàn)DI與金融市場能動配合效果不明顯，，甚至在有的地區(qū)弱化了對經(jīng)濟(jì)增長的影響。我國需要開拓通過資本積累以外的方式促進(jìn)經(jīng)濟(jì)增長，同時鼓勵和加大先進(jìn)技術(shù)的開發(fā)與創(chuàng)新，促進(jìn)企業(yè)自身及社會發(fā)展，結(jié)合固定資產(chǎn)投資、政府支出等渠道豐盈資本存量，開辟長期可持續(xù)發(fā)展道路。
[Abstract]:With the acceleration of the reform and opening up process, China's economic development is growing rapidly, which attracts a large amount of foreign capital inflow while attracting extensive attention in the world. In recent years, the development of China's financial market has also undergone tremendous changes, and with the pace of China's accession to the WTO, foreign trade continues to expand. Some data show that the amount of FDI inflow increases year after year, and the loan balance of financial institutions continues to increase. The relationship and interaction between FDI and financial development has become a research topic of many scholars. What role does FDI play on economic growth, whether different financial developments in host countries have an impact on the absorption of FDI, and how different the degree of financial markets will affect the role of FDI in promoting the economy. This article also carries on the thorough theory research and the demonstration analysis to the above question. Firstly, this paper summarizes the relevant theories and literatures at home and abroad, summarizes the current theories on the development of FDI, finance and the interaction between economic growth and scholars' empirical analysis based on relevant data. Then the development course and current situation of FDI and financial development in China are investigated, and the general theoretical analysis of the relationship between them is made, combining with the provinces and cities in our country. The panel data of the autonomous region from 1996 to 2010 empirically test the factors involved, and draw the conclusion that the current level of financial development in China is not developed, especially in China. The level of financial development in the western region can inhibit the introduction and absorption of FDI. By increasing the investment in fixed assets, expanding the level of foreign trade and controlling the government's intervention in finance, all regions can achieve the purpose of promoting the increase of foreign direct investment. This paper then analyzes the transmission mode of FDI to promote economic growth. FDI influences economic growth through the channels of capital accumulation effect, competition effect, learning and imitation effect, industry related effect and so on. At the same time, on the four aspects of financial development: the degree of financial market perfection, interest rate system, money supply level and financial intermediary, this paper theoretically analyzes its influence mechanism on the role of FDI in promoting economic growth, mainly by increasing the stock of capital. To improve the investment rate of savings conversion, flexible market interest rate, enhance information symmetry, reduce hidden risk and other ways to affect the impact of the role. Then it establishes the econometric model of FDI, financial development and economic growth, discusses the interaction of the three relations based on the actual situation of our country, and draws a conclusion from the empirical analysis. The level of financial development in China does not play a significant role in regulating foreign direct investment (FDI) to promote economic growth, and the effect of FDI and financial market dynamic coordination is not obvious, and even weakens the influence on economic growth in some areas. China needs to promote economic growth through ways other than capital accumulation, encourage and increase the development and innovation of advanced technology, promote the development of enterprises themselves and society, combine with fixed assets investment, government expenditure and other channels to enrich the capital stock. Open up a long-term sustainable development road.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832;F124.1;F224

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