金融发展是否可以强化双向FDI的产业结构优化效应——基于江苏省的实证检验  

Can Financial Development Strengthen the Industrial Structure Optimizing Effect of Two-way FDI——Empirical Test Based on Jiangsu Province

作　　者：李佳[1] 竺杏月[1] 周荣荣[1] LI Jia;ZHU Xinyue;ZHOU Rongrong(School of Law and Business,Sanjiang University,Nanjing,Jiangsu 210012,China)

机构地区：[1]三江学院法商学院

出　　处：《金融教育研究》2019年第6期3-11,共9页Research of Finance and Education

基　　金：国家社会科学基金一般项目“供给侧结构性改革视角下我国经济增长的动力转换研究”(16BJL056);江苏省教育厅高校哲学社会科学基金项目“供给侧改革背景下双向FDI、金融发展对江苏产业结构优化升级的影响研究”(2017SJB0517)

摘　　要：双向FDI产业结构效应的发挥离不开资金的支持,文章采用2003-2017年江苏省的相关数据,从金融规模、效率和结构三个方面研究金融因素对江苏省双向FDI产业结构合理化和高级化的强化作用,实证结果表明金融规模、效率和结构是江苏双向FDI产业结构合理化和高级化效应的强化因素,但作用程度存在一定的互补效应。单一考虑IFDI或OFDI的产业结构效应,金融规模、结构均可以强化IFDI的合理化效应,同时弱化OFDI的合理化效应。金融结构对双向FDI的产业高级化均有显著影响,而IFDI的正向强化作用更明显。相较而言金融效率的强化作用不显著。综合考虑双向FDI的协调效应,金融规模、效率和结构均可以对IFDI的产业结构合理化效应起着强化作用,效率的强化作用更大,对OFDI的这种影响均为弱化效应;金融规模、效率和结构均可以强化OFDI的产业结构高级化效应,效率和结构的强化作用更大。需要从保持资金合理规模、提高资金配置效率、提高直接融资比重等方面发挥规模、效率和结构的强化作用,通过制定差异化金融政策,推动区域产业结构协调发展。The industrial structure effect of two-way FDI can not be brought into full play without the support of funds.This paper uses the relevant data of Jiangsu Province from 2003 to 2017 to study the strengthening effect of financial factors on the rationalization and upgrading of the industrial structure of two-way FDI in Jiangsu Province from three aspects:financial scale,efficiency and structure.The empirical results show that financial scale,efficiency and structure are the strengthening factors of rationalization and upgrading effect of two-way FDI industrial structure in Jiangsu province,but the degree of effect has some complementary effect.Considering the industrial structure effect of IFDI or OFDI,the financial scale and structure can strengthen the rationalization effect of IFDI and weaken the rationalization effect of OFDI.Financial structure has a significant impact on the industrial upgrading of two-way FDI,and the positive strengthening effect of IFDI is more obvious.Comparatively speaking,the strengthening effect of financial efficiency is not significant.Considering the coordinating effect of two-way FDI,the scale,efficiency and structure of finance can strengthen the rationalization effect of industrial structure of IFDI,and the enhancement effect of efficiency is greater,and the influence on OFDI is weakening effect;financial scale,efficiency and structure can all enhance the effect of OFDI's industrial structure on upgrading,and efficiency and structure can play a greater role in enhancing OFDI's industrial structure.It is necessary to strengthen the scale,efficiency and structure in terms of maintaining the reasonable scale of funds,improving the efficiency of capital allocation and increasing the proportion of direct financing;and to promote the coordinated development of regional industrial structure by formulating differentiated financial policies.

关 键 词：金融发展 强化双向FDI 产业结构 优化效应 

分 类 号：F830[经济管理—金融学]