發(fā)布時間：2018-05-01 00:11

  本文選題：金融發(fā)展 + OFDI��； 參考：《浙江大學》2016年碩士論文

【摘要】：自20世紀90年代以來,中國政府在積極推行對外開放、引進外資(FDI)的同時,也在逐步推進“走出去”戰(zhàn)略,鼓勵中國企業(yè)對外投資、跨國經(jīng)營。對外直接投資(OFDI)成為中國參與世界經(jīng)濟的重要路徑之一。中國對外直接投資總額從2003年的29億美元持續(xù)高速增長到2014年的1231.2億美元,創(chuàng)下歷史最高值。2014年OFDI總額是2003年的42.5倍,年均增速高達40.6%。為此,國內(nèi)外學者從不同的角度對中國OFDI進行了研究,認為一國的經(jīng)濟發(fā)展水平、匯率、外匯儲備、政策制度、物價水平、經(jīng)濟開放度等因素會影響OFDI的發(fā)展。金融是現(xiàn)代經(jīng)濟的核心,OFDI是國際資本流動的方式之一,作為經(jīng)濟金融全球化的重要一環(huán),其必然受到金融發(fā)展的影響,但現(xiàn)有的研究就金融發(fā)展對OFDI的影響很少涉及。論文在構(gòu)建金融發(fā)展影響OFDI的機理與路徑的基礎(chǔ)上,就金融發(fā)展與OFDI的現(xiàn)狀進行國別比較分析,并對金融發(fā)展影響OFDI的效應進行了實證檢驗。研究結(jié)果表明,金融發(fā)展主要通過提供融資、資本配置等直接路徑；以及技術(shù)外溢、提升生產(chǎn)率等間接路徑影響OFDI。金融發(fā)展水平主要包含金融結(jié)構(gòu)、金融規(guī)模和金融效率,金融發(fā)展水平存在顯著國別差異,高收入國家的金融規(guī)模、金融結(jié)構(gòu)和金融效率要遠高于中低收入國家；中國的金融規(guī)�？傮w比較平穩(wěn),金融結(jié)構(gòu)中的證券發(fā)展水平存在明顯的周期性,宏觀金融效率也十分穩(wěn)定,總體來說中國的金融發(fā)展水平相對滯后,與發(fā)達國家存在顯著差異。OFDI的國別差異也十分顯著,高收入國家OFDI絕對值大,OFDI/GDP的比值也很大；中國的OFDI一直呈現(xiàn)增長之勢,絕對值也躍居世界第三,但OFDI/GDP的比率卻與高收入國家相差甚遠。金融發(fā)展影響OFDI的實證結(jié)果顯示金融規(guī)模擴張、金融結(jié)構(gòu)優(yōu)化和金融效率提升對OFDI有顯著的促進作用,此外,一國的資本形成總額增速、貿(mào)易依存度與OFDI也呈現(xiàn)顯著的正相關(guān)關(guān)系,GDP增速、雇員報酬、資本管制與OFDI則呈現(xiàn)顯著的負相關(guān)關(guān)系,而匯率、關(guān)稅、監(jiān)管壁壘等因素對OFDI的影響并不顯著。最后,文章提出了強化金融中心的輻射作用,有序促進金融規(guī)模的擴張；完善金融體系,優(yōu)化金融結(jié)構(gòu)；推進金融市場改革,提升金融效率等三大政策建議。
[Abstract]:Since the 1990s, the Chinese government has been actively promoting the opening up to the outside world and the introduction of foreign capital (FDI). At the same time, it has also gradually promoted the strategy of "going out" to encourage Chinese enterprises to invest abroad and operate across national borders. Foreign direct investment (OFDI) has become one of the important ways for China to participate in the world economy. China's total outward direct investment continued to grow rapidly from $2.9 billion in 2003 to an all-time high of $123.12 billion in 2014, a record 42.5 times higher than in 2003 and growing at an average annual rate of 40.6. For this reason, scholars at home and abroad have studied China's OFDI from different angles, and concluded that the level of economic development, exchange rate, foreign exchange reserve, policy system, price level, economic openness and other factors will affect the development of OFDI. Finance is the core of modern economy. It is one of the ways of international capital flow. As an important part of economic and financial globalization, it is bound to be influenced by financial development. On the basis of constructing the mechanism and path of the influence of financial development on OFDI, this paper makes a country comparative analysis on the current situation of financial development and OFDI, and makes an empirical test on the effect of financial development on OFDI. The results show that financial development affects OFDI mainly through direct paths such as financing, capital allocation, and indirect paths such as technology spillover and productivity enhancement. Financial development level mainly includes financial structure, financial scale and financial efficiency. There are significant differences in financial development level between different countries. The financial scale, financial structure and financial efficiency of high-income countries are much higher than those of low- and middle-income countries. The overall financial scale of China is relatively stable, the level of securities development in the financial structure has obvious periodicity, and the macro financial efficiency is also very stable. In general, the level of financial development in China is relatively lagging behind. There are significant differences between China and developed countries. There are also very significant differences between different countries. The absolute value of OFDI in high-income countries is also very large. The OFDI of China has been showing a trend of growth, and its absolute value has also leapt to the third place in the world. But the ratio of OFDI/GDP is far from that of high-income countries. The empirical results of financial development affecting OFDI show that the expansion of financial scale, the optimization of financial structure and the improvement of financial efficiency have a significant impact on OFDI. In addition, the total capital formation rate of a country is increasing. There is also a significant positive correlation between the degree of trade dependence and OFDI growth, and a significant negative correlation between OFDI and employee compensation, capital control, while exchange rate, tariff, regulatory barriers and other factors have no significant impact on OFDI. Finally, the paper puts forward three policy suggestions: strengthening the radiation function of the financial center, promoting the expansion of the financial scale in an orderly manner, perfecting the financial system, optimizing the financial structure, promoting the reform of the financial market and enhancing the financial efficiency.
【學位授予單位】：浙江大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F125.4;F832

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本文編號：1826850