金融发展对“一带一路”沿线国家和地区对外直接投资影响的实证研究  

An Empirical Study of the Impact of Financial Development on Foreign Direct Investment in Countries and Regions Along the "The Belt and Road"

作　　者：杨志明[1] Yang Zhiming(Donlinks School of Economics and Management,University of Science and Technology Beijing,Beijing 100083,China)

机构地区：[1]北京科技大学东凌经济管理学院,北京100083

出　　处：《金融发展研究》2020年第5期44-49,共6页Journal Of Financial Development Research

基　　金：国家电网有限公司科技项目“公司利率汇率预测及风险管控技术研究”(SGTYHT/18-JS-206)。

摘　　要：本文利用世界银行2000-2018年111个"一带一路"沿线国家和地区的社会经济数据,运用面板数据模型讨论金融发展对其对外直接投资的影响。实证结果表明,"一带一路"沿线国家和地区的金融发展显著地促进了对外直接投资;并且金融发展的积极影响存在收入差异性,即"一带一路"沿线高收入国家和地区的金融发展对其对外直接投资促进作用显著,而低收入国家和地区的促进作用有限,甚至不显著。此外,研究还表明,金融发展对其对外直接投资的促进作用与贸易开放程度有关,即贸易开放程度越高,金融发展对其对外直接投资促进作用越大。This article uses the socio-economic data of 111 countries along the "The Belt and One Road" of the World Bank from 2000 to 2018 and panel data models to discuss the impact of financial development on their foreign direct investment. The empirical results show that the financial development of countries and regions along "The Belt and Road" has significantly promoted foreign direct investment;and the positive impact of financial development bears income difference,that is to say,the financial development of high-income countries and regions along "The Belt and Road" plays a significant role in promoting foreign direct investment,while the enhancement of low-income countries and regions is limited or not significant. In addition,the research also finds that the enhancement of financial development on foreign direct investment is related to the degree of opening up. The higher the degree of trade openness,the greater the role of its financial development in promoting its direct foreign investment.

关 键 词：金融发展 对外直接投资 贸易开放程度 “一带一路” 

分 类 号：F830[经济管理—金融学]