金融效率差异与外商投资的关系研究  

Study on the Relationship between Financial Efficiency Divergence and Foreign Direct Investment

作　　者：张亮[1] 刘群燕[1] 漆鑫[2] 

机构地区：[1]南开大学经济学院,天津300071 [2]中国银行间市场交易商协会,北京100081

出　　处：《上海金融》2012年第7期13-17,116,共5页Shanghai Finance

基　　金：教育部人文社会科学重点研究基地重大项目课题"金融危机对APEC的影响"(项目批准号:2009JJD790025)的资助

摘　　要：本文采用System GMM和固定效应模型方法对金融效率差异对外商投资的影响进行分析发现:金融效率差异的增大会抑制外商投资,即地区金融效率的提升会促进外商投资;金融效率差异随着时间推移对外资流入的作用越来越明显,影响程度越来越强。其次,将外资存量作为被解释变量进行的稳健性检验结果发现结论与外资流量基本一致,且当期金融效率差异对总体外资存量作用要小于对外资流量的作用。The article adopts the System GMM and the fixed effects model to analyze how the financial efficiency differences affect the FDI.The results show that the increasing differences in financial efficiency can constrain the inflows of FDI,meaning the improvement of regional financial efficiency will promote FDI the financial efficiency differences has a growing impact on FDI inflows over time.Secondly,the article uses FDI stock as the interpreted variable to conduct a robust test,and the result is consistent with the actual FDI flows.The effect of the current financial efficiency differences on the overall FDI stock is less than on the FDI inflows.

关 键 词：金融效率差异 外商直接投资 广义矩估计 融资约束 

分 类 号：F241.2[经济管理—劳动经济]