金融发展、FDI溢出与经济增长效率——基于长江经济带的实证研究  

Financial Development,FDI Spillover and Economic Growth Efficiency——Empirical Research Based on the Yangtze River Economic Belt

作　　者：王冲 李雪松[1] WANG Chong;LI Xuesong(Wuhan University,Wuhan 430072)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《首都经济贸易大学学报》2019年第2期41-50,共10页Journal of Capital University of Economics and Business

基　　金：国家社会科学基金一般项目"农村水环境问题的经济机理分析与管理创新制度研究"(10BJY064);武汉大学中央高校基本科研业务费专项资金项目"经济增长的空间一体化障碍难题与对策:长江经济带例证"(20156322020201)

摘　　要：基于长江经济带108个城市的平衡面板数据,运用系统GMM实证检验金融发展、外商直接投资(FDI)对经济增长效率的影响。结果显示:总体上,金融发展显著促进了长江经济带经济增长效率的提升,而FDI则对经济增长效率有显著抑制效应,二者交互项系数显著为正,表明FDI进一步强化了金融发展对经济增长效率的促进作用,同时金融发展水平是发挥FDI溢出效应的一个重要环境因素。分区域来看,下游地区与长江经济带总体回归结果较为一致;中游地区金融发展和FDI对经济增长效率均有抑制作用,且二者能否促进经济增长效率的提升均依赖于对方的发展情况;而上游地区金融发展、FDI均促进了经济效率的提升,并且当金融深化超过一定程度时,更有助于发挥FDI正向溢出效应对经济增长效率的促进作用。Based on the balance panel data of 108 cities in the Yangtze River Economic Belt,the paper uses the system GMM to empirically test the impact of financial development and foreign direct investment on economic growth efficiency.The results show that,on the whole,financial development significantly promotes the economic growth efficiency of the Yangtze River Economic Belt,while FDI has a significant inhibitory effect on economic growth efficiency.The coefficient of interaction between financial development and FDI is significantly positive,indicating that FDI further strengthens the promotion of financial development to the efficiency of economic growth,while the level of financial development is an important environmental factor for FDI spillovers to play a role.In terms of regions,the overall regression results of the downstream regions and the Yangtze River Economic Belt are more consistent;the financial development and FDI in the middle have a restraining effect on economic growth efficiency,and whether the they can promote the economic growth efficiency depends on eath other.The financial development and FDI in the upstream areas promote the improvement of economic efficiency,and when the financial deepening exceeds a certain level,it is more helpful for FDI to play the positive role of spillover effect on the economic growth efficiency.

关 键 词：金融发展 FDI 超效率DEA 经济增长效率 长江经济带 

分 类 号：F061.2[经济管理—政治经济学]