本文關(guān)鍵詞：金融發(fā)展視角下的FDI溢出效應(yīng)研究　出處：《浙江工商大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 外商直接投資 金融發(fā)展 FDI溢出效應(yīng) FDI流入 吸收能力

【摘要】：上世紀(jì)90年代以來,外商直接投資(FDI)大量涌入我國,并且保持逐年增長的態(tài)勢(shì)。隨著我國引入FDI力度的不斷增強(qiáng),關(guān)于FDI與經(jīng)濟(jì)增長關(guān)系的研究越來越多。FDI的資本積累效應(yīng)和溢出效應(yīng),尤其是后者,已經(jīng)成為學(xué)者們關(guān)注的熱點(diǎn)。研究發(fā)現(xiàn),FDI通過技術(shù)溢出促進(jìn)經(jīng)濟(jì)增長的效果受到東道國的吸收能力的制約。金融發(fā)展作為吸收能力的重要構(gòu)成要素,其對(duì)FDI溢出效應(yīng)的影響越來越受到重視。 在以往金融市場因素與FDI溢出的相關(guān)研究中,研究者大多將目光聚集在如何更好的發(fā)揮金融市場的渠道作用,促進(jìn)東道國對(duì)FDI溢出的吸收,卻忽略了一點(diǎn)：金融市場可能直接對(duì)FDI產(chǎn)生影響。東道國的金融發(fā)展?fàn)顩r作為重要的投資環(huán)境,影響跨國公司的投資意愿,進(jìn)而影響FDI的流入規(guī)模,甚至質(zhì)量。這實(shí)際上決定了外資本身的溢出潛力。為了更全面的分析問題,本文在梳理好前人相關(guān)研究文獻(xiàn)的基礎(chǔ)上,分別對(duì)金融發(fā)展影響FDI流入規(guī)模和金融發(fā)展影響FDI溢出的吸收這兩個(gè)命題進(jìn)行了實(shí)證研究。 在金融發(fā)展與FDI溢出的研究中,金融發(fā)展指標(biāo)的選擇一直是一個(gè)關(guān)鍵點(diǎn)。本文認(rèn)為,金融發(fā)展這一概念的內(nèi)涵十分豐富,單從一個(gè)角度難以準(zhǔn)確的把握。況且,我國屬于金融體系市場化程度不高的發(fā)展中國家,金融“質(zhì)”的提高可能遠(yuǎn)比“量”的擴(kuò)大更為重要。因此,本文除了常用的規(guī)模指標(biāo)外,還引入了金融效率指標(biāo),以求準(zhǔn)確的體現(xiàn)金融發(fā)展的內(nèi)涵。 本文首先對(duì)相關(guān)研究文獻(xiàn)進(jìn)行了梳理,然后分析了金融發(fā)展影響FDI溢出效應(yīng)的作用機(jī)制。在此基礎(chǔ)上,本文展開了兩個(gè)層面的實(shí)證檢驗(yàn)：第一個(gè)層面是使用我國的時(shí)間序列數(shù)據(jù),檢驗(yàn)金融發(fā)展水平與FDI引入規(guī)模的關(guān)系；第二個(gè)層面是利用我國省級(jí)面板數(shù)據(jù),檢驗(yàn)金融發(fā)展對(duì)我國發(fā)揮FDI溢出效應(yīng)的影響,并對(duì)東部地區(qū)和中西部地區(qū)進(jìn)行了對(duì)比分析。實(shí)證檢驗(yàn)結(jié)果表明：金融發(fā)展規(guī)模和效率的擴(kuò)大和提高能夠拉動(dòng)FDI流入規(guī)模,金融發(fā)展與FDI流入規(guī)模之間呈正相關(guān)的關(guān)系；從全國總體來看,無論是金融發(fā)展規(guī)模還是金融發(fā)展效率,都對(duì)FDI溢出的吸收起到了促進(jìn)作用；在區(qū)域方面,我國東部地區(qū)的金融發(fā)展規(guī)模和效率都有利于FDI溢出效應(yīng)的發(fā)揮；中西部地區(qū)的金融發(fā)展規(guī)模對(duì)FDI溢出效應(yīng)起到了促進(jìn)作用,但是,金融發(fā)展效率在一定程度上限制了FDI溢出效應(yīng)的發(fā)揮；我國FDI溢出效應(yīng)的發(fā)揮存在金融發(fā)展“門檻”,一些經(jīng)濟(jì)發(fā)展相對(duì)落后的地區(qū),尤其在一些西部省份,金融發(fā)展水平,特別是金融體系效率較低,沒有跨過門檻水平,導(dǎo)致不能充分吸收FDI的技術(shù)溢出。最后,根據(jù)實(shí)證結(jié)論,本文提出了相應(yīng)的政策建議。
[Abstract]:Since -10s, foreign direct investment (FDI) has poured into China in large numbers, and maintained the trend of increasing year by year. There are more and more researches on the relationship between FDI and economic growth. The capital accumulation effect and spillover effect of FDI, especially the latter, have become the focus of attention of scholars. The effect of FDI to promote economic growth through technology spillover is restricted by the absorptive capacity of host country. Financial development is an important component of absorptive capacity. More and more attention has been paid to its impact on FDI spillover effect. In the previous studies of financial market factors and FDI spillover, most of the researchers will focus on how to better play the role of financial market channels, and promote the host country to absorb FDI spillover. However, the financial market may have a direct impact on FDI. As an important investment environment, the financial development of the host country affects the investment willingness of multinational corporations, and then affects the inflow of FDI. Even quality. This actually determines the spillover potential of foreign capital itself. This paper makes an empirical study on the two propositions that financial development influences the scale of FDI inflow and financial development influences the absorption of FDI spillover. In the study of financial development and FDI spillover, the choice of financial development indicators has been a key point. It is difficult to grasp accurately from a single angle. Moreover, China is a developing country with low degree of marketization of the financial system, the improvement of financial "quality" may be far more important than the expansion of "quantity". Besides the commonly used scale index, this paper also introduces the financial efficiency index in order to accurately reflect the connotation of financial development. This paper firstly combs the relevant research literature, then analyzes the mechanism of financial development influencing FDI spillover effect. On this basis. The first level is to use the time series data of our country to test the relationship between the level of financial development and the scale of FDI; The second level is the use of provincial panel data to test the impact of financial development on China's FDI spillover effect. The empirical results show that the expansion and improvement of financial development scale and efficiency can pull the scale of FDI inflow. There is a positive correlation between financial development and FDI inflow. As a whole, both the scale of financial development and the efficiency of financial development promote the absorption of FDI spillover. At the regional level, the scale and efficiency of financial development in eastern China are conducive to the development of FDI spillover effect. The scale of financial development in the central and western regions promotes the spillover effect of FDI, but the efficiency of financial development restricts the exertion of the spillover effect of FDI to some extent. There is a "threshold" for financial development in China's FDI spillover effect. In some areas where economic development is relatively backward, especially in some western provinces, the level of financial development, especially the efficiency of the financial system, is relatively low. Without crossing the threshold level, the technology spillover of FDI can not be fully absorbed. Finally, according to the empirical conclusions, this paper puts forward the corresponding policy recommendations.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.6;F224

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