深化金融开放增强了外商直接投资的区域创新效应吗?  

Does Deepening Financial Openness Enhance the Promotion Effect of FDI on Regional Innovation?

作　　者：丁一[1,2] 刘达禹 安琪[1] Ding Yi;Liu Dayu;An Qi(School of Finance,Jilin University of Finance and Economics,Changchun,130117,China;Nanyang Business School,Nanyang Technological University,Singapore,637616,Singapore;Center for Quantitative Economics,Jilin University,Changchun,130012,China)

机构地区：[1]吉林财经大学金融学院,吉林长春130117 [2]南洋理工大学南洋商学院,新加坡637616 [3]吉林大学数量经济研究中心,吉林长春130012

出　　处：《数量经济研究》2024年第3期72-93,共22页The Journal of Quantitative Economics

基　　金：国家自然科学基金项目“上市企业技术创新的经济价值研究:指标构建、影响因素与经济后果”(72072067);教育部人文社会科学研究一般项目“中国信贷周期的形成机理演进、经济周期关联性及其宏观调控政策选择研究”(21YJA790036);国家留学基金委青年骨干教师出国研修项目(202202485008)的阶段性成果。

摘　　要：随着我国金融开放不断深化,外商直接投资(FDI)的创新效应可能发生结构性变化。本文通过时变面板模型对深化金融开放下FDI的创新溢出机制进行研究,证实该机制存在横向及纵向结构断裂。目前,地区创新质量受金融开放与FDI联合影响;而FDI的影响则呈现经济正常时期顺周期、危机时期逆周期特点。特别是,二者对东部地区的联合影响显著强于中西部地区,可通过提升外资企业国民待遇,吸引优质投资以增强地区创新能力;而中部地区则表现出增加FDI促进创新数量、深化开放提升创新质量,可通过深化金融业开放、放松资本及货币市场管制有效提高创新能力,同时吸收东部地区转移的外资企业可刺激创新积极性;西部地区中虽二者联合影响为正,但要在深化金融开放、引入FDI以激发经济发展潜力与抑制区域创新能力间做好平衡。With the deepening of China's financial openness,the innovation effect of FDI may undergo structural changes.Through the time-varying panel model,this paper empirically studies the innovation spillover mechanism of FDI under deepening financial openness.It is confirmed that there are horizontal and vertical structural breaks in the innovation spillover mechanism.At present,the quality of innovation is affected by financial openness and FDI.However,the influence of FDI shows the characteristics of pro-cycle in normal economic period and counter-cycle in crisis period.In particular,the combined impact in the eastern region is significantly higher than that in the central and western regions,which can enhance the regional innovation capacity by improving the national treatment of foreign enterprises and attracting high-quality investment.In the central region,FDI promotes the quantity of innovation and financial openness contributes to the quality of innovation.The regional innovation ability can be improved by deepening the openness of the financial industry,relaxing the control of capital and money market,absorbing foreign enterprises transferred from eastern China.In western China,the joint influence is positive,but it is necessary to strike a balance between deepening financial openness,introducing FDI to stimulate economic development potential and inhibiting regional innovation capacity.

关 键 词：金融开放 外商直接投资 区域创新 结构突变 时变面板模型 

分 类 号：F832[经济管理—金融学]