外商直接投资、财政政策波动与地区金融生态环境
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摘要
本文研究中国外商直接投资、财政政策波动对地区金融生态环境的影响。实证研究表明:外商直接投资与地区金融生态环境的改善存在非线性关系,外商直接投资一方面通过引进先进金融资源推动竞争促进金融生态环境改善,另一方面外商直接投资的不合理使用又会挤占内资企业金融资源,造成内资外逃和资产价格波动;财政政策波动会抑制外商直接投资对改善金融生态环境的溢出效应。
This paper presents a study of the impacts of foreign direct investment(FDI) and change in fiscal policy on regional financial ecological environment in China. The empirical study shows that there is a nonlinear relationship between the FDI and the improvement in regional financial ecological environment; the FDI, on the one hand, promotes the competition and improvement in financial ecological environment by introducing advanced financial resources, on the other hand, the misuse of the FDI occupies the financial resources of Chinese firms, which results in domestic capital flight and asset price volatility; the change in fiscal policy reduces the spillover effects of the FDI on the improvement in financial ecological environment.
This paper presents a study of the impacts of foreign direct investment(FDI) and change in fiscal policy on regional financial ecological environment in China. The empirical study shows that there is a nonlinear relationship between the FDI and the improvement in regional financial ecological environment; the FDI, on the one hand, promotes the competition and improvement in financial ecological environment by introducing advanced financial resources, on the other hand, the misuse of the FDI occupies the financial resources of Chinese firms, which results in domestic capital flight and asset price volatility; the change in fiscal policy reduces the spillover effects of the FDI on the improvement in financial ecological environment.
引文
白钦先,2001.金融可持续发展理论研究[M].北京:中国金融出版社.
曹红辉,2005.经济改革和经济发展中的差别化政策与金融生态环境[M]//李扬等.中国城市金融生态环境评价.北京:人民出版社:254-271.
崔光庆,2007.我国隐性财政赤字与金融风险的对策研究[J].宏观经济研究,(6):30-35.
方雯,2011.我国财政政策规则与相机抉择的选择分析[J].长春理工大学学报(社会科学版),(12):41-43.
郭平、李恒,2005.当前金融风险与财政赤字货币化的共生性分析[J].当代财经,(9):48-57.
郭庆旺、贾俊雪、刘晓路,2007.财政政策与宏观经济稳定[J].管理世界,(5):7-15.
李成、郝俊香,2006.基于金融安全的资本流动:理论解读与中国实证[J].国际金融研究,(8):54-59.
李余、余文,2016.社会资本、投资环境与民营企业银行贷款[J].金融论坛,(4):34-44.
联合国贸易与发展会议(UNCTA),2006.世界投资报告[M].北京:中国财政经济出版社.
刘尚希,2006.宏观金融风险与政府财政责任[J].管理世界,(6):10-17.
潘素昆,2005.外国直接投资(FDI)与发展中国家金融稳定研究评述[J].上海金融,(6):40-42.
沈能,2006.金融发展与国际贸易的动态演进分析---基于中国的经验数据[J].世界经济研究,(6):53-58.
孙立军,2008.金融发展、FDI与经济增长[J].数量经济技术经济研究,(1):3-14.
孙士金、孙世霞,2009.上海金融发展与经济增长:基于VAR系统的实证研究[J].统计教育,(11):30-37.
王广谦,2017.中国对外投资与引进外资的新变化及政策建议[J].金融论坛,(7):3-5.
杨子强,2005a.金融生态环境与经济健康发展[J].银行家,(5):24-28.
杨子强,2005b.优化金融生态环境促进地方经济发展[J].济南金融,(5):3-6.
姚淑梅,2004.外资流入对我国金融稳定的影响[J].宏观经济研究,(2):41-45.
张满银、韩大海,2010.金融生态环境与外资银行在华投资的省域选择[J].金融论坛,(10):5-11.
周小川,2004.完善法律制度改善金融生态[R].中国经济50人论坛.
Ades,A.,and Tella,R.D.,1999.Rents,Competition,and Corruption[J].American Economic Review,89(4):982-993.
Anh Duc,D.,2013.How Foreign Direct Investment Promote Institutional Quality:Evidence From Vietnam[J].Journal of Comparative Economics,41(4):1054-1072.
Fatás,A.,and Mihov,I.,2001.Government Size and Automatic Stabilizers:International and Intranational Evidence[J].Journal of International Economics,55(1):3-26.
Fatás,A.,and Mihov,I.,2013.Policy Volatility,Institution,and Economic Growth[J].Review of Economics&Statistics,95(2):362-376.
Greenwood,J.,and Smith,B.,1997.Financial Market Development,and the Development of Financial Markets[J].Journal of Economic Dynamics and Control,(21):145-181.
Javorcik,S.B.,2004.Does Foreign Direct Investment Increase the Productivity of Domestic Firms?Is Search of Spillovers Through Backward Linkages[J].American Economic Review,94(3):605-627.
Kormendi,R.C.,and Meguire,P.G.,1985.Macroeconomic Determinants of Growth[J].Journal of Monetary Economics,16(2):141-163.
Lipsey,R.E.,2002.Home and Host Country Effects of FDI[R].NBER Working Paper.
Malesky,E.J.,2009.Foreign Direct Investors as Agents of Economic Transition:An Instrumental Variables Analysis[J].Quarterly Journalof Political Science,4(1):59-85.
曹红辉,2005.经济改革和经济发展中的差别化政策与金融生态环境[M]//李扬等.中国城市金融生态环境评价.北京:人民出版社:254-271.
崔光庆,2007.我国隐性财政赤字与金融风险的对策研究[J].宏观经济研究,(6):30-35.
方雯,2011.我国财政政策规则与相机抉择的选择分析[J].长春理工大学学报(社会科学版),(12):41-43.
郭平、李恒,2005.当前金融风险与财政赤字货币化的共生性分析[J].当代财经,(9):48-57.
郭庆旺、贾俊雪、刘晓路,2007.财政政策与宏观经济稳定[J].管理世界,(5):7-15.
李成、郝俊香,2006.基于金融安全的资本流动:理论解读与中国实证[J].国际金融研究,(8):54-59.
李余、余文,2016.社会资本、投资环境与民营企业银行贷款[J].金融论坛,(4):34-44.
联合国贸易与发展会议(UNCTA),2006.世界投资报告[M].北京:中国财政经济出版社.
刘尚希,2006.宏观金融风险与政府财政责任[J].管理世界,(6):10-17.
潘素昆,2005.外国直接投资(FDI)与发展中国家金融稳定研究评述[J].上海金融,(6):40-42.
沈能,2006.金融发展与国际贸易的动态演进分析---基于中国的经验数据[J].世界经济研究,(6):53-58.
孙立军,2008.金融发展、FDI与经济增长[J].数量经济技术经济研究,(1):3-14.
孙士金、孙世霞,2009.上海金融发展与经济增长:基于VAR系统的实证研究[J].统计教育,(11):30-37.
王广谦,2017.中国对外投资与引进外资的新变化及政策建议[J].金融论坛,(7):3-5.
杨子强,2005a.金融生态环境与经济健康发展[J].银行家,(5):24-28.
杨子强,2005b.优化金融生态环境促进地方经济发展[J].济南金融,(5):3-6.
姚淑梅,2004.外资流入对我国金融稳定的影响[J].宏观经济研究,(2):41-45.
张满银、韩大海,2010.金融生态环境与外资银行在华投资的省域选择[J].金融论坛,(10):5-11.
周小川,2004.完善法律制度改善金融生态[R].中国经济50人论坛.
Ades,A.,and Tella,R.D.,1999.Rents,Competition,and Corruption[J].American Economic Review,89(4):982-993.
Anh Duc,D.,2013.How Foreign Direct Investment Promote Institutional Quality:Evidence From Vietnam[J].Journal of Comparative Economics,41(4):1054-1072.
Fatás,A.,and Mihov,I.,2001.Government Size and Automatic Stabilizers:International and Intranational Evidence[J].Journal of International Economics,55(1):3-26.
Fatás,A.,and Mihov,I.,2013.Policy Volatility,Institution,and Economic Growth[J].Review of Economics&Statistics,95(2):362-376.
Greenwood,J.,and Smith,B.,1997.Financial Market Development,and the Development of Financial Markets[J].Journal of Economic Dynamics and Control,(21):145-181.
Javorcik,S.B.,2004.Does Foreign Direct Investment Increase the Productivity of Domestic Firms?Is Search of Spillovers Through Backward Linkages[J].American Economic Review,94(3):605-627.
Kormendi,R.C.,and Meguire,P.G.,1985.Macroeconomic Determinants of Growth[J].Journal of Monetary Economics,16(2):141-163.
Lipsey,R.E.,2002.Home and Host Country Effects of FDI[R].NBER Working Paper.
Malesky,E.J.,2009.Foreign Direct Investors as Agents of Economic Transition:An Instrumental Variables Analysis[J].Quarterly Journalof Political Science,4(1):59-85.