【摘要】 基于中国制造业2003—2016年28个细分行业的面板数据,在测度各行业要素价格扭曲指数的基础上,利用固定效应和中介效应模型,从制造业整体和异质性分行业视角探讨了双向FDI对要素价格扭曲的影响。研究发现:从整体来看,FDI和OFDI均对要素价格扭曲起到了重要的改善作用,但存在边际效应递减规律,且可能因行业和时期的不同而存在影响差异;从异质性分行业来看,FDI的要素价格扭曲改善效应在不同类别行业均比较稳健,而OFDI的要素价格扭曲改善效应却只在低技术、轻工和同质行业中具有显著的影响效果。进一步拓展讨论了双向FDI对要素价格扭曲改善效应的传导机制。依据研究结果,建议改变以往"重规模、轻质量"的引进外资模式,同时深化"多元化、高端化"的对外投资模式,极大地释放双向FDI对要素价格扭曲的改善效应,进而推动制造业高质量发展。更多还原

【Abstract】 Based on panel data of 28 industries segments in China’s manufacturing industry from 2003 to 2016, and on measuring factor price distortion index of each industry, this paper discusses impact of Two-way FDI on factor price distortion from the perspective of manufacturing industry as a whole and heterogeneous industries by using fixed effect and intermediary effect models.It is found that FDI and OFDI play an important role in improving factor price distortion on the whole, but there is a law of diminishing marginal effect, and there may be differences due to different industries and periods. From the perspective of different industries, the improvement effect of factor price distortion of FDI is relatively stable in different industries, while the improvement effect of factor price distortion of OFDI only has significant effect in low technology, light industry and homogeneous industry. The transmission mechanism of Two-way FDI to the improvement effect of factor price distortions is further studied and discussed.Accordingly, it is suggested to change the previous model of "heavy scale, light quality" of foreign investment, and deepen the model of "diversification, high-end" of foreign investment, so as to greatly release the improvement effect of two-way FDI on the distortion of factor prices, and further promote the high-quality development of manufacturing industries.更多还原