要素市场化配置改革与FDI引资结构优化  

The Reform of Market-based Allocation of Factors and the Optimization of the Structure of FDI Attraction

作　　者：杨梅 王星媛 YANG Mei;WANG Xingyuan(School of Business,Nanjing University,Nanjing 210093,China)

机构地区：[1]南京大学商学院,南京210093

出　　处：《云南财经大学学报》2023年第9期64-81,共18页Journal of Yunnan University of Finance and Economics

基　　金：教育部人文社会科学研究青年基金项目“基于资本转移的中国碳金融发展研究”(17YJC790109);江苏省研究生科研创新计划项目“全球科学技术流动追踪及其空间知识溢出效应分析”(KYCX22_0008)。

摘　　要：要素市场化配置对FDI引资结构优化具有重要影响。通过建立FDI异质性模型,在理论分析要素错配影响FDI引资结构的基础上,基于商务部2005—2016年34809家外商投资企业信息,实证考察要素错配对FDI引资结构的影响效应与方向,研究发现要素错配不利于外商直接投资结构的优化。同时,由于行业异质性、区域异质性、时间异质性、FDI组织形式以及FDI来源地异质性,使得要素错配对FDI引资结构的影响也存在一定的差异。进一步,将要素错配分为资本错配和劳动力错配,实证发现资本错配更不利于FDI引资结构的优化。研究结论不仅拓宽了与FDI结构有关的研究范畴,也为深化要素市场化改革、加快形成以国内大循环为主体、国内国际双循环相互促进的新发展格局提供了思路与方向。The market-based allocation of factors has an important impact on the optimization of the structure of FDI attraction.By constructing FDI heterogeneity model,this paper theoretically analyzes the influence of factor misallocation on the structure of FDI attraction.Based on the information of 34,809 foreign investment enterprises from 2005 to 2016 from the Ministry of Commerce,the paper empirically investigates the influencing effect and the direction of factor misallocation on the structure of FDI attraction,and finds that factor misallocation is not conducive to the optimization of FDI structure.At the same time,due to the heterogeneities in industry,region,and time,as well as the organization form of FDI and the heterogeneity of the source country of FDI,the influence of factor misallocation on the structure of FDI attraction also has certain differences.Factor misallocation is then further divided into capital misallocation and labor misallocation,and the empirical findings show that capital misallocation is more detrimental to the optimization of the structure of FDI attraction.The conclusion of this paper not only broadens the research scope related to FDI structure,but also provides ideas and directions for deepening the reform of factor marketization and accelerating the formation of a“dual circulation”development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement.

关 键 词：要素错配 外商直接投资结构 异质性 

分 类 号：F120[经济管理—世界经济]