本文選題：FDI + 金融發(fā)展�。� 參考：《對外經(jīng)濟貿(mào)易大學(xué)》2016年博士論文

【摘要】：本文構(gòu)建了金融發(fā)展視角下,FDI影響區(qū)域創(chuàng)新的理論分析框架,分別探討了金融發(fā)展水平對FDI流入的影響,金融發(fā)展水平對FDI對區(qū)域創(chuàng)新的直接影響的調(diào)節(jié)作用,在此基礎(chǔ)上,本文重點研究了FDI是通過吸收能力來影響區(qū)域創(chuàng)新的,并進一步考察了金融發(fā)展水平對于吸收能力的調(diào)節(jié)作用。根據(jù)聯(lián)合國貿(mào)發(fā)組織(UNCTAD)發(fā)布的《世界投資報告2015》,2014年,中國全年吸引外資達到1195.6億美元,超過了美國,居全球首位。雖然我國是全球吸引FDI最多的國家,但由于國內(nèi)各個地區(qū)的經(jīng)濟水平、市場規(guī)模、金融市場等方面發(fā)展不平衡,導(dǎo)致各個地區(qū)FDI的流入存在著區(qū)域差異。如此大規(guī)模的外資涌入對中國自主創(chuàng)新能力究竟產(chǎn)生了怎樣的影響呢?近年來越來越多的學(xué)者開始反思FDI戰(zhàn)略,“以市場換技術(shù)”的戰(zhàn)略效果如何?影響各個地區(qū)FDI流入的因素是什么?FDI是否促進了區(qū)域創(chuàng)新能力?什么因素還影響著FDI對區(qū)域創(chuàng)新能力所產(chǎn)生的作用?這些問題都是值得深入研究和探析的,而研究FDI技術(shù)溢出效應(yīng)成為解決這一系列問題的核心。目前國內(nèi)外學(xué)者集中于對FDI技術(shù)外溢效應(yīng)的影響因素和其測度的相關(guān)研究上,其中,東道國的“吸收能力”作為重要的影響因素而成為研究的關(guān)注點。然而在國內(nèi)外相關(guān)文獻中,金融發(fā)展水平作為吸引FDI、FDI技術(shù)溢出效應(yīng)以及東道國吸收能力的影響因素卻被忽略,相關(guān)的研究成果較少,更是少有學(xué)者關(guān)注到金融發(fā)展、FDI、吸收能力與區(qū)域創(chuàng)新能力的關(guān)聯(lián)機制�；诖�,本文將從金融市場視角下,探討FDI對區(qū)域創(chuàng)新能力的影響機制,具體來看,首先分析地區(qū)金融發(fā)展水平對FDI流入的影響,然后分析地區(qū)金融發(fā)展水平在FDI與區(qū)域創(chuàng)新能力二者之間關(guān)系的調(diào)節(jié)作用,最后進一步考察地區(qū)金融發(fā)展水平對FDI影響區(qū)域創(chuàng)新能力的實現(xiàn)路徑(也就是吸收能力)的調(diào)節(jié)作用,通過以上研究揭示出FDI對區(qū)域創(chuàng)新能力作用機制的實現(xiàn)路徑中金融發(fā)展水平所產(chǎn)生的影響,進一步厘清FDI對區(qū)域創(chuàng)新能力影響的作用機理和實現(xiàn)路徑。本文的結(jié)構(gòu)主要由六部分組成。第1章為引言,分析本文的研究背景、研究意義、研究思路、研究內(nèi)容以及研究方法;第2章為理論回顧和國內(nèi)外研究現(xiàn)狀,回顧了國內(nèi)外研究現(xiàn)狀,為本文的研究提供理論基礎(chǔ)和理論依據(jù);第3章為地區(qū)金融發(fā)展對FDI流入影響研究以及東中西部地區(qū)金融發(fā)展水平對FDI流入的影響分析;第4章為FDI對區(qū)域創(chuàng)新能力影響研究以及FDI對東中西部地區(qū)創(chuàng)新能力影響的研究,并進一步分析了地區(qū)金融發(fā)展水平對FD與區(qū)域創(chuàng)新能力二者關(guān)系的調(diào)節(jié)作用;第5章探討了吸收能力對fdi影響區(qū)域創(chuàng)新能力的中介作用,并進一步分析了地區(qū)金融發(fā)展水平對吸收能力中介作用的調(diào)節(jié)效應(yīng);第6章為研究結(jié)論以及研究啟示。本文在一個綜合分析框架下,系統(tǒng)分析了金融發(fā)展水平對fdi影響我國區(qū)域創(chuàng)新能力全過程中所發(fā)揮的不同作用,有助于在較深層次理解和認識fdi對我國區(qū)域創(chuàng)新的作用機制,并利用1998-2008年28省(市)的面板數(shù)據(jù)進行實證考察,主要發(fā)現(xiàn)有:(1)在1998-2008年期間,我國各地區(qū)的金融發(fā)展水平阻礙了fdi的流入,不是吸收外商直接投資的區(qū)位優(yōu)勢因素。(2)東中西部地區(qū)金融發(fā)展水平對fdi流入的影響存在差異,東部地區(qū)的金融發(fā)展水平不利于fdi的流入,而中西部地區(qū)的金融發(fā)展水平對fdi的流入沒有顯著影響。(3)從整體上上來看,fdi顯著促進了我國區(qū)域創(chuàng)新能力的提高;從不同區(qū)域來看,fdi對東中西部地區(qū)創(chuàng)新能力的影響也存在較大差異,fdi顯著促進了東部地區(qū)創(chuàng)新能力的提高,卻阻礙了中西部地區(qū)的創(chuàng)新能力的提高。(4)地區(qū)金融發(fā)展水平在fdi與區(qū)域創(chuàng)新能力二者關(guān)系之間有非線性調(diào)節(jié)作用,金融發(fā)展規(guī)模的調(diào)節(jié)作用有雙重門檻的特征,金融發(fā)展效率的調(diào)節(jié)作用具有單一門檻的特征,表明一個地區(qū)的金融水平直接影響著fdi技術(shù)溢出效應(yīng)的發(fā)揮。(5)吸收能力在fdi與區(qū)域創(chuàng)新能力二者關(guān)系之間起完全中介作用,且地區(qū)金融發(fā)展水平對吸收能力的中介效應(yīng)有調(diào)節(jié)作用�？梢�,地區(qū)金融發(fā)展水平在fdi影響區(qū)域創(chuàng)新能力的作用過程中發(fā)揮了不同的作用,也就是說在fdi影響區(qū)域創(chuàng)新能力作用過程的不同環(huán)節(jié),金融發(fā)展水平發(fā)揮的作用是存在差異的。最后對論文的研究結(jié)論、產(chǎn)生的政策其實以及存在的局限性進行了說明。本文在一個綜合框架下,系統(tǒng)分析了fdi對區(qū)域創(chuàng)新能力的作用機制的實現(xiàn)路徑中金融發(fā)展水平所產(chǎn)生的影響,在新的研究思路指導(dǎo)下,論文研究內(nèi)容產(chǎn)生了一系列創(chuàng)新,主要包括以下幾個方面:1、構(gòu)建了金融發(fā)展水平在fdi對區(qū)域創(chuàng)新能力作用機制的實現(xiàn)路徑中所產(chǎn)生的影響的分析框架,是研究思路的創(chuàng)新。首先分析地區(qū)金融發(fā)展水平對fdi流入的影響,然后分析地區(qū)金融發(fā)展水平在fdi與區(qū)域創(chuàng)新能力二者之間關(guān)系的調(diào)節(jié)作用,最后進一步考察地區(qū)金融發(fā)展水平對fdi影響區(qū)域創(chuàng)新能力的實現(xiàn)路徑(也就是吸收能力)的調(diào)節(jié)作用,也就是綜合考察了fdi影響區(qū)域創(chuàng)新能力作用過程中金融水平所產(chǎn)生的不同影響。2、考察了fdi通過研發(fā)投入產(chǎn)生的吸收能力來影響區(qū)域創(chuàng)新能力的作用機制。以往研究沒有充分考慮研發(fā)投入產(chǎn)生的吸收能力,而僅僅將研發(fā)投入作為技術(shù)進步的重要因素(白潔,2011),換言之,研發(fā)投入產(chǎn)生的吸收能力是不同區(qū)域有效吸收并應(yīng)用fdi技術(shù)溢出的重要能力,它展現(xiàn)出不同區(qū)域如何吸收、應(yīng)用和轉(zhuǎn)化FDI技術(shù)溢出,進而提升區(qū)域創(chuàng)新能力。3、考察了金融發(fā)展水平對吸收能力中介效應(yīng)的調(diào)節(jié)作用,進而影響了FDI對區(qū)域創(chuàng)新能力的提升效果。以往研究沒有關(guān)注吸收能力在FDI與區(qū)域創(chuàng)新能力二者關(guān)系之間所起的中介效應(yīng)也會受到外部因素的影響,CohenLevinthan(1990)提出RD經(jīng)費投入是影響吸收能力的重要因素,然而由于企業(yè)研發(fā)項目存在著比較嚴重的信息不對稱,導(dǎo)致RD經(jīng)費投入受制于融資約束(溫軍等,2011),而高效的金融系統(tǒng)可以有效緩解融資約束,促進企業(yè)RD經(jīng)費投入(AngMadsen,2008),區(qū)域的吸收能力的提高增強了FDI對區(qū)域創(chuàng)新能力的提升作用。
[Abstract]:This paper constructs the theoretical analysis framework of FDI affecting regional innovation from the perspective of financial development, discusses the impact of the level of financial development on the inflow of FDI, and the regulating effect of the level of financial development on the direct impact of FDI on regional innovation. On this basis, this paper focuses on the study of the influence of FDI on regional innovation through absorptive capacity. According to the world investment report 2015> issued by the United China World Trade Center Development Organization (UNCTAD), China attracted 119 billion 560 million US dollars in 2014, which exceeded the United States and ranked first in the world. Although China is the world's largest country that attracts the largest number of FDI, it is due to various regions of the country. The unbalanced development of economic, market and financial markets leads to regional differences in the inflow of FDI in various regions. How does the influx of foreign capital affect China's independent innovation ability? In recent years, more and more scholars have begun to think about the strategy of FDI and the strategic effect of "market for technology" What? What are the factors that affect FDI inflow in various regions? Does FDI promote regional innovation capacity? What factors also affect the role of FDI on regional innovation ability? These problems are all worth studying and exploring, and the study of the spillover effect of FDI has become the core of this series of problems. Focusing on the related research on the factors affecting the spillover effect of FDI technology and its measurement, the "absorptive capacity" of the host country is the important concern of the research. However, in the relevant literature at home and abroad, the level of financial development as a result of the effect of the FDI, the spillover effect of the FDI technology and the absorption capacity of the host country In this paper, we will discuss the influence mechanism of FDI on regional innovation capability from the perspective of financial market, and firstly analyze the impact of regional financial development level on FDI inflow, based on this, this paper will discuss the influence mechanism of FDI on regional innovation ability from the perspective of financial market. Then the adjustment function of regional financial development level on the relationship between FDI and regional innovation capacity two is analyzed. Finally, the adjustment function of regional financial development level to the realization path of regional innovation ability (that is absorption capacity) which affects the regional innovation ability of FDI is further investigated. Through the above study, the realization of the mechanism of the function of regional innovation ability by FDI is revealed. The impact of the level of financial development in the path, further clarifies the mechanism and the path of the impact of FDI on regional innovation capability. The structure of this article is mainly composed of six parts. The first chapter is an introduction, analyzing the research background, research significance, research ideas, research content and research methods; the second chapter is the theoretical review and the home and abroad. Research status, review the research status at home and abroad, provide theoretical basis and theoretical basis for this study; the third chapter is the impact of regional financial development on FDI inflow and the impact of financial development level on FDI inflow in eastern and western regions; the fourth chapter is the study of the impact of FDI on Regional innovation ability and the creation of FDI in eastern and western regions. The study of the impact of new ability, and further analysis of the adjustment role of regional financial development level on the relationship between FD and regional innovation capacity two. The fifth chapter discusses the intermediary role of absorptive capacity on FDI's influence on regional innovation ability, and further analyzes the moderating effect of regional financial development level on the intermediary role of absorption capacity; the sixth chapter is to study the effect of the sixth chapter. In the framework of a comprehensive analysis, this paper systematically analyzes the different functions of the financial development level on the impact of FDI on the whole process of regional innovation ability in China, and helps to understand and understand the mechanism of FDI's role in regional innovation in our country at a deeper level, and to make use of the panel data of the 28 provinces (cities) for 1998-2008 years. The main findings are as follows: (1) in the period of 1998-2008 years, the financial development level of various regions of our country hindered the inflow of FDI, not the location advantage of absorbing foreign direct investment. (2) there were differences in the influence of financial development level on the inflow of FDI in the Eastern and western regions, and the level of financial development in the eastern region was not conducive to the inflow of FDI. The level of financial development in the central and western regions has no significant impact on the inflow of FDI. (3) from the overall point of view, FDI has significantly promoted the improvement of regional innovation ability in China. From different regions, the impact of FDI on the innovation ability of eastern and western regions also has great differences. FDI has significantly promoted the improvement of the ability of innovation in the eastern region, but hindered the development of the innovation ability of the eastern and western regions. The innovation ability of the central and western regions has been improved. (4) the level of regional financial development has a nonlinear adjustment between the relationship between FDI and the two parties of regional innovation ability. The adjustment function of the scale of financial development has a double threshold, and the regulation of the efficiency of financial development has the characteristics of a single threshold, indicating the direct financial level of a region. It affects the FDI technology spillover effect. (5) the absorptive capacity plays a complete intermediary role between FDI and regional innovation ability, and the level of regional financial development has a moderating effect on the intermediary effect of absorptive capacity. It can be seen that the level of regional financial development plays different roles in the role of FDI affecting regional innovation ability. In other words, there are differences in the role of the financial development level in different links in the process of the effect of FDI on regional innovation ability. Finally, it explains the conclusion of the research, the policy and the limitations of the existence of the paper. Under a comprehensive framework, this paper analyzes the mechanism of the function of FDI to regional innovation ability. Under the guidance of the new research ideas, the contents of the paper produce a series of innovations, mainly including the following aspects: 1, the analysis framework of the impact of the financial development level on the implementation path of the regional innovation capability mechanism by FDI is constructed, which is the research idea. First, we analyze the influence of regional financial development level on FDI inflow, and then analyze the adjustment role of regional financial development level on the relationship between FDI and regional innovation capacity two. Finally, we further examine the adjustment role of regional financial development level on the path (i.e. absorptive capacity) of regional innovation ability which affects the regional innovation ability of FDI. It is a comprehensive survey of the different effects of the impact of the financial level on the impact of FDI on regional innovation ability in the process of.2, and examines the mechanism of the effect of FDI on regional innovation capability through the absorption capacity produced by R & D input. The previous research did not fully consider the absorption energy produced by R & D input, but only the R & D input was used as a technological progress. The important factor (Bai Jie, 2011), in other words, the absorption capacity produced by R & D input is an important ability of effective absorption and application of FDI technology spillover in different regions. It shows how different regions absorb, apply and transform FDI technology spillovers, and then improve regional innovation ability.3, and examine the intermediary effect of financial development level on absorptive capacity. In the past, the mediation effect of FDI on regional innovation ability is not concerned. The mediator effect between FDI and regional innovation ability two is also affected by the external factors. CohenLevinthan (1990) suggests that the investment of RD is an important factor affecting the absorptive capacity, however, because of the enterprise There is a serious information asymmetry in the R & D project, which leads to the financing constraints of RD (Wen Jun, 2011), and the efficient financial system can effectively alleviate the financing constraints and promote the investment of RD (AngMadsen, 2008), and the higher absorption capacity of the region enhances the promotion of the regional innovation ability.

【學(xué)位授予單位】：對外經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2016
【分類號】：F832.6

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