金融发展能够影响FDI的区位选择吗  

Can Financial Development Influence the Location Choice of FDI?

作　　者：吕朝凤[1] 黄梅波 LV Chaofeng;HUANG Meibo(School of Economics,Southwestern University of Finance and Economic;Institute of International Development and Cooperation Academy Shanghai University of International Business and Economic)

机构地区：[1]西南财经大学经济学院,四川成都611130 [2]上海对外经贸大学国际发展合作研究院,上海200336

出　　处：《金融研究》2018年第8期137-154,共18页Journal of Financial Research

基　　金：国家社科基金项目一般项目(项目号:17BJL035);西南财经大学"中央高校基本科研业务费专项资金"青年教师成长项目(项目号:JBK1801001);西南财经大学"中央高校基本科研业务费专项资金"创新团队项目(项目号:JBK1805006)的资助

摘　　要：本文尝试从不完全契约的角度考察金融发展与FDI区位选择的关系。为此,我们在Antràs and Helpman(2004)模型框架基础上构建了一个简单的、引入金融发展的两地区垄断竞争模型,从理论上提出了待检验的理论假说,即金融发展将会提高该地区对FDI的吸引力;契约的宽泛实施会扩大其对FDI流入量的正影响。在此基础上,基于中国分省分行业数据的经验研究发现,这一假说显著成立;在控制了基础设施等变量及金融发展的其他传导渠道后,该结论依然稳健。This paper would discuss the impact of financial development on the location choice of FDI from incomplete contract perspective. We develop a monopolistic competition model based on Antros and Helpman （2004）, suggest a hypothesis, that is, financial development would promote FDI inflows of multinational manufactures, and contract intensity increase would enlarge the positive effect of financial development on FDI inflows. Using data across province and industry of China, we find evidence that supports this hypothesis, which is robust after controlling such variables as infrastructure, and other transmission channels of financial development.

关 键 词：金融发展 不完全契约 FDI区位选择 

分 类 号：F832.6[经济管理—金融学] F424