【作者】 唐兰；

【导师】 胡士华；

【作者基本信息】 西南大学 ， 金融学， 2015， 硕士

【摘要】 当今,全球化一体化趋势更加显著,外商直接投资(FDI)日益成为全球经济发展的主要推动力,也更频繁地成为学术界讨论的热点。改革开放以来,我国吸引和利用外商直接投资(FDI)总量逐年上涨,呈现良好的上升态势,2003年我国超过美国成为全球吸引外商直接投资(FDI)最多的国家。我国经济的快速发展也是有目共睹,在全球经济低迷的近几年,我国依然保持着稳定高速的增长,成为世界第二大经济体。外商直接投资(FDI)产生资本积累效应和技术溢出效应,随着我国国内资本越来越宽裕,焦点更多地转向关注FDI的技术溢出。很多研究表明,FDI技术溢出对东道国经济增长是有正向的促进作用,但是,实际上FDI技术溢出效应的发挥常受制于东道国的吸收能力,其中金融发展是影响FDI技术溢出效应的重要因素。我国金融发展程度较低,东部、中部、西部地区金融发展水平不均衡,面对这一特殊情况,本文从金融规模和金融效率两个维度测度金融发展程度,探讨我国金融发展作用于FDI技术溢出对我国经济增长的影响。本文首先描述了选题背景及意义,再者构建金融发展、FDI技术溢出与经济增长的理论框架。回顾了金融发展、FDI技术溢出与经济增长相关的国内外文献,概括了本文的研究目的与方法以及研究思路与内容。随后借鉴了相关经济学理论知识,在此基础上侧重分析了FDI技术溢出对经济增长的作用途径和金融发展影响FDI技术溢出效应作用于经济增长的机制,并对金融发展影响FDI技术溢出引入了理论模型的分析,为以下的实证研究奠定了理论基础。由此可得出,金融发展是影响FDI技术溢出的重要因素。在理论模型的基础上,本文选取1997—2013年全国31个省市自治区的面板数据运用EVIEWS软件进行实证分析。首先,采用我国31个省级的面板数据进行检验,可以看出全国范围内,FDI技术溢出效应指标系数为正,金融发展影响FDI技术溢出对经济增长有正向的推动作用。随后,对我国金融发展水平程度不同的东部、中部、西部地区分别进行了实证检验,检验结果显示,金融发展放大FDI技术溢出效应促进经济增长存在门槛效应,金融发展水平较高的东部更能增加FDI技术溢出对经济增长的正效应,而中部和西部地区金融发展规模超过门槛值有利于FDI技术溢出效应的吸收,金融发展效率仍低于门槛值,限制了FDI技术溢出效应拉动经济增长。最后,基于实证分析的结论,提出相应的政策建议：我国应不断合理引进和利用外商直接投资,提高金融发展效率,并协调区域金融发展和FDI发展,实行区域金融差异政策。以此来有效利用金融发展作用于FDI技术溢出对经济增长的促进作用。更多还原

【Abstract】 Currently, the trend of globalization and integration is more remarkable, and the foreign direct investment (FDI) has gradually become the main driving force of global economy, as well as the hot topic in academic circles. Since the reform and opening up, the amount of attracting and utilizing FDI in China has been increasing, presenting a favorable upward trend. In 2003, China overtook the United States to become the country that attracted most FDI. The whole world has been witnessing the rapid development of China’s economy:during recent global economy slowdown, China has maintained sustained and rapid growth and became the second largest economy in the world. FDI generates capital accumulation effect and technology spillover effect, and as domestic economy is more prosperous, a growing number of investment focuses turn to technology spillover. According to previous studies, FDI technology spillover has a positive promoting effect on host country’s economy, however, the display of FDI technology spillover effect is subject to host country’s attracting abilities, and financial development is an important factor affecting the effect of FDI technology spillover. Finance in China is less developed, and the eastern, central, and western financial development is not balanced. In this special context, this study analyzes the effect of China’s financial economy on FDI technology spillover on China’s economic growth.Based on existing researches, this study begins by describing the purpose and significance of topic, reviewing financial development, FDI technology spillover and economic growth related literature at home and abroad, as well as taking some theories as reference. Then, it analyzes the FDI technology spillover effect on economy development, and the mechanism of how financial development affects FDI technology spillover effect to act on economy development. It analyzes a theory model of how financial development affects FDI technology spillover as well. After that, the study describes the current situation of China’s finance, FDI and economy development. Builds an econometric modelwith 31 provincial-level data from 1989-2006 in china,and carries on empirical test and analysis.On the basis of the theoretical model,this study selects panel data,from the year of 1997 to 2013,of 31 provinces in China to carry on the empirical analysis through EVIEWS software.First,from the test of panel data of 31 provinces,it’s observed that throughout the country, the index coefficient of FDI technology spillover effect is positive and that the effect of financial development on the FDI technology spillover positively boosts the economic growth. Then,with empirical test separately on different levels of financial development in Eastern,Central and Western China,the result shows that there’s threshold effect when the financial development amplify the FDI technology spillover effect on promoting economic growth. Eastern China,with higher level of financial development, can increase more positive effect of FDI technology spillover economic growth, and in Central and Western China,financial development scale exceeds the threshold value,which is conducive to the absorption of FDI technology spillover effect.Financial development efficiency is still lower than the threshold value,which limit the ability of FDI technology spillover effect to stimulate economic growth.Finally, based on the conclusion of the empirical analysis, this study brings forward these corresponding policy recommendations:China should constantly introduce and utilize foreign direct investment with reason,should improve the efficiency of financial development and coordinated development of regional finances and FDI, and should adopt the policy of regional financial,in order to effectively utilize financial development effect on FDI technology spillover to promote economic growth.更多还原