本文選題：金融發(fā)展　切入點：對外直接投資　出處：《國際貿(mào)易問題》2017年07期 　論文類型：期刊論文

【摘要】：本文基于2003-2014年中國省際面板數(shù)據(jù),將環(huán)境污染綜合指數(shù)和能源消耗分別作為非合意產(chǎn)出和投入要素納入全要素生產(chǎn)率(TFP)測算框架,采用非徑向、非角度SBM模型和DEA-GML指數(shù)評估了中國TFP的真實水平,并構(gòu)建以金融發(fā)展綜合指數(shù)為門檻變量的面板門檻模型,實證檢驗了對外直接投資(OFDI)對母國TFP影響的門檻效應(yīng)。研究結(jié)果表明:OFDI對母國TFP的影響顯著存在基于本國金融發(fā)展水平的雙門檻效應(yīng),即當(dāng)金融發(fā)展水平未跨越第一個門檻值時,OFDI對TFP產(chǎn)生了顯著的負(fù)效應(yīng);當(dāng)金融發(fā)展水平位于兩個門檻值之間時,OFDI對TFP的負(fù)效應(yīng)有所減弱;當(dāng)金融發(fā)展水平跨越第二個門檻值后,OFDI顯著促進(jìn)了TFP增長。當(dāng)前中國整體金融發(fā)展水平尚未達(dá)到促使OFDI產(chǎn)生正向生產(chǎn)率溢出的水平。樣本期內(nèi)中國OFDI與金融發(fā)展耦合協(xié)調(diào)度較高的地區(qū)傾向于具有較高的TFP。
[Abstract]:Based on the inter-provincial panel data of China from 2003 to 2014, the environmental pollution composite index and energy consumption are taken as non-desirable output and input factors respectively into the TFP (Total Factor Productivity) calculation framework, and the non-radial model is adopted. The non-angle SBM model and DEA-GML index are used to evaluate the real level of TFP in China, and a panel threshold model with the financial development index as the threshold variable is constructed. The threshold effect of OFDI on TFP of home country is tested empirically. The results show that there is a double threshold effect based on the level of financial development of home country. That is, when the level of financial development does not cross the first threshold, it has a significant negative effect on TFP, and when the level of financial development lies between the two thresholds, the negative effect of OFDI on TFP is weakened. When the level of financial development exceeded the second threshold, OFDI significantly promoted the growth of TFP. At present, the overall level of financial development in China has not reached the level of positive productivity spillover caused by OFDI. In the sample period, China's OFDI and financial development have not reached the level of positive productivity spillover. Areas with higher coupling coordination tend to have higher TFP.
【作者單位】： 重慶理工大學(xué)經(jīng)濟(jì)金融學(xué)院;
【分類號】：F124;F125;F832

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