金融发展是否能够促进海外直接投资——基于面板分位数的经验分析  

Domestic Financial Development and Foreign Direct Investment:An Empirical Study with Panel Quantile Regression

作　　者：王伟[1] 孙大超[2] 杨娇辉[3] 

机构地区：[1]中山大学岭南学院,510275 [2]南开大学经济学院 [3]中山大学国际商学院

出　　处：《国际贸易问题》2013年第9期120-131,共12页Journal of International Trade

基　　金：教育部重大攻关项目09JZD0016;11JZD022;教育部新世纪优秀人才支持计划"人民币汇率形成机制改革研究";教育部重点研究基地重大项目2009JJD790027;教育部人文社科青年项目11YJC790171

摘　　要：针对我国当前资本持续流出但是海外直接投资却相对不足的现象,本文采用67个国家1990-2009年的面板数据,运用面板分位数回归的方法探讨四个维度的金融发展指标对海外直接投资的影响。研究结果表明:无论是存量指标还是活跃度指标,均可以显著促进一国的对外直接投资;衡量金融发展程度的总量指标对于海外直接投资存量较小的国家影响更大,而活跃度指标对海外直接投资存量较大的国家影响更大。因此要提升我国海外直接投资的能力,不但需要扩大本国金融市场的容量也需要增加市场的活力。In view of China＇s sustained capital outflow and yet insufficient outward foreign direct investment （OFDI）, this study attempts to investigate poten- tial effects of four alternative financial development indicators on OFDI by using panel data of 67 countries during the period 1990-2009. The research results indi- cate that the both the size and the activeness of a country＇s financial market have a significant effect on the country＇s OFDI. Moreover, the OFDI could also be promoted as a result of the increases in the aggregate savings as well as im- provement in the country＇s trade openness and the economic situation. Neverthe- less, the financial openness merely exerts significant influence on countries with low FDI stocks. As a developing market economy, China is expected to increase its OFDI by promoting its financial and economic development, which in turn will improve Chinese people＇s welfare.

关 键 词：海外直接投资 金融发展 金融一体化 面板分位数 

分 类 号：F832.48[经济管理—金融学]