金融发展与FDI流入关系研究
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摘要
外商直接投资的区位选择在很大程度上取决于东道国的投资环境,这早已成为一种理论共识。随着金融体系在各国经济发展中作用的增强,东道国金融因素在FDI流入中的作用也日益明显。然而,目前的研究却普遍没有重视该因素对FDI流入的影响,缺乏针对金融因素所做出的特定分析。鉴于此,本文以我国为例,对东道国金融因素对FDI流入的作用,进行全面的理论和实证分析。
本文主要探讨东道国金融发展对FDI流入的影响。主要对东道国金融发展影响FDI流入的作用机制进行了详述,并对这一机制在我国的适用性进行了实证检验。首先,从外商投资企业的成本收益角度进行分析,我们发现：东道国的金融发展决定了国内中间产品市场厚度,进而影响到FDI企业的要素成本；东道国提供金融服务的能力,直接影响跨国企业的交易成本和信息成本；东道国金融的发展意味着货币流通速度加快,流通面扩展,市场规模由此扩大,在国内企业资金不足或技术落后的情况下,外资企业进入。其次,从东道国对FD工的需求角度分析：由于东道国“二元金融”的存在和资本市场不完善等原因,东道国民营企业面临融资约束,只好选择与外国投资者合作来获得发展所需资金,外资由此进入。在得出金融发展与FDI流入关系的理论结论后,我们从统计数据上观察了我国地区金融发展与FDI分布间的关系,并从全国和区域两个角度对得出的理论结论和观察结论在我国的适用性进行了分析验证。
本文由六部分组成。
引言部分主要探讨本文的研究意义、研究内容和方法、本文的创新之处以及对本文的总体安排。
在接下来的两章,我们在对相关理论和文献进行回顾的基础上,提出了东道国金融发展作用于FDI流入的机制。从FDI供给角度,东道国金融发展从成本和市场两方面影响FDI企业的利润预期。从FDI需求角度讲,由于东道国国内金融发展水平低,金融扭曲的存在,国内企业资金缺乏,存在对外资的强烈需求,金融扭曲是导致FDI大量流入的一个原因。得出的结论是：在金融发展的不同阶段,金融因素对于FDI流入作用不同,在东道国金融发展达到一定的水平后,金融发展水平越高,FDI流入越多。当金融发展很低时,金融扭曲导致FDI的流入。
在第四章,我们运用统计方法,考察了我国各地区的金融发展状况和FDI分布。本章的结论是：FDI的地区分布和金融发展水平的高低差异分布是一致的,东部明显高于中西部地区,FDI流入经济金融发展水平相对高的地区。第五章,选取一定的金融发展指标和计量模型,用我国东中西部面板数据实证地检验了第三章提出的理论结论和第四章的观察结论。结果表明：在中西部地区,金融发展水平相对低,金融扭曲是导致FDI流入的一个原因；在东部地区金融发展水平越高,FDI流入越多。
第六章,结论和政策建议。这一部分对于实证所得出的结论进行了总结,给出了针对东中西部地区的政策建议,并提出未来的研究方向。
The location choice of foreign direct investment largely depends on the host country's investment environment, which has become a theoretical consensus. As the financial system role's enhancement in national economic development, the financial factor in the host country is playing a more important role on FDI inflows. However, current studies have generally ignored the impact of host country's financial factor on FDI inflows. It lacks a certain analysis that takes financial factor as a special factor. For the purpose of advancing the theory of FDI inflows, this paper analyzes theoretically and empirically the role of host country's financial factor on FDI inflows, and takes Chinese financial development as example to make a specific analysis.
This paper discusses the influence of host country's financial development on FDI inflows, we put forward a theoretical framework to explore the influence mechanism of the host country's financial development on FDI inflows, and test this mechanism whether is applicable in our country. First, from the perspective of multinational investment's cost and income, the host country's domestic financial development determines the thickness of the intermediate products in the market, thereby affecting the cost of FDI enterprises; The host country's ability of providing financial services directly affect the multinational corporations'information cost and trade cost. Host country's financial development means expedition of currency circulation speed and expansion of the circulation width, thus expanding the market size, while domestic company lacking of funds or technology, funded foreign enterprises enter into. Moreover, from the point of the host country's demand for FDI:the existence of "dual finance", and capital market imperfection result in China's make non state-owned enterprises hardly to get loan from financial system, which lead them looking for investment from foreign investors. When we get the theoretic conclusion, we observe our country's regional financial development and the distribution of FDI. Finally, we test the observation conclusion and theory conclusion whether is applicable in our country.
This whole thesis is composed of six parts.
The first part discusses the significance of our research, contents, innovation and the method we use as well as the overall arrangements for this article.
In the next two chapters, based on the related theory and literature, we proposed the mechanism that the financial development's impacts on the FDI inflows. From the point of supply, the host country's financial development have impact on the FDI enterprises through cost and market; From demand perspective, due to the low level of domestic financial development and the existence of financial distortions, domestic enterprises lack funds, there is a strong demand for foreign capital, so the financial distortion is a leading cause of inflow FDI. The conclusion is as follows:in the different stages of financial development, the financial factor's impact on FDI inflows is different. When the host country's financial development reaches a certain level, the higher of financial development, the more of FDI inflow. When the level of financial development is low, financial distortions leads to FDI inflows.
In the fourth chapter, we use statistical methods to study our country's regional financial development and FDI distribution. This chapter reaches conclusions that:regional distribution of FDI is consistent with the differences of regional financial development; the eastern is significantly higher than central and western regions.
In Chapter V, this thesis select certain financial development indicators and econometric models, use country and regional panel data of China to test the third chapter's and the forth chapter's conclusions. The results show that:in the central and western regions, because of the relatively low level of financial development, financial distortion is one of the reasons leading to FDI inflows; in the eastern region, the higher of financial development, the more of FDI inflow.
Chapter VI is conclusions and policy suggestions. This part sums up the conclusions from the empirical research and makes suggestions for the eastern, central and western areas, and then we propose future research direction.
本文主要探讨东道国金融发展对FDI流入的影响。主要对东道国金融发展影响FDI流入的作用机制进行了详述,并对这一机制在我国的适用性进行了实证检验。首先,从外商投资企业的成本收益角度进行分析,我们发现：东道国的金融发展决定了国内中间产品市场厚度,进而影响到FDI企业的要素成本；东道国提供金融服务的能力,直接影响跨国企业的交易成本和信息成本；东道国金融的发展意味着货币流通速度加快,流通面扩展,市场规模由此扩大,在国内企业资金不足或技术落后的情况下,外资企业进入。其次,从东道国对FD工的需求角度分析：由于东道国“二元金融”的存在和资本市场不完善等原因,东道国民营企业面临融资约束,只好选择与外国投资者合作来获得发展所需资金,外资由此进入。在得出金融发展与FDI流入关系的理论结论后,我们从统计数据上观察了我国地区金融发展与FDI分布间的关系,并从全国和区域两个角度对得出的理论结论和观察结论在我国的适用性进行了分析验证。
本文由六部分组成。
引言部分主要探讨本文的研究意义、研究内容和方法、本文的创新之处以及对本文的总体安排。
在接下来的两章,我们在对相关理论和文献进行回顾的基础上,提出了东道国金融发展作用于FDI流入的机制。从FDI供给角度,东道国金融发展从成本和市场两方面影响FDI企业的利润预期。从FDI需求角度讲,由于东道国国内金融发展水平低,金融扭曲的存在,国内企业资金缺乏,存在对外资的强烈需求,金融扭曲是导致FDI大量流入的一个原因。得出的结论是：在金融发展的不同阶段,金融因素对于FDI流入作用不同,在东道国金融发展达到一定的水平后,金融发展水平越高,FDI流入越多。当金融发展很低时,金融扭曲导致FDI的流入。
在第四章,我们运用统计方法,考察了我国各地区的金融发展状况和FDI分布。本章的结论是：FDI的地区分布和金融发展水平的高低差异分布是一致的,东部明显高于中西部地区,FDI流入经济金融发展水平相对高的地区。第五章,选取一定的金融发展指标和计量模型,用我国东中西部面板数据实证地检验了第三章提出的理论结论和第四章的观察结论。结果表明：在中西部地区,金融发展水平相对低,金融扭曲是导致FDI流入的一个原因；在东部地区金融发展水平越高,FDI流入越多。
第六章,结论和政策建议。这一部分对于实证所得出的结论进行了总结,给出了针对东中西部地区的政策建议,并提出未来的研究方向。
The location choice of foreign direct investment largely depends on the host country's investment environment, which has become a theoretical consensus. As the financial system role's enhancement in national economic development, the financial factor in the host country is playing a more important role on FDI inflows. However, current studies have generally ignored the impact of host country's financial factor on FDI inflows. It lacks a certain analysis that takes financial factor as a special factor. For the purpose of advancing the theory of FDI inflows, this paper analyzes theoretically and empirically the role of host country's financial factor on FDI inflows, and takes Chinese financial development as example to make a specific analysis.
This paper discusses the influence of host country's financial development on FDI inflows, we put forward a theoretical framework to explore the influence mechanism of the host country's financial development on FDI inflows, and test this mechanism whether is applicable in our country. First, from the perspective of multinational investment's cost and income, the host country's domestic financial development determines the thickness of the intermediate products in the market, thereby affecting the cost of FDI enterprises; The host country's ability of providing financial services directly affect the multinational corporations'information cost and trade cost. Host country's financial development means expedition of currency circulation speed and expansion of the circulation width, thus expanding the market size, while domestic company lacking of funds or technology, funded foreign enterprises enter into. Moreover, from the point of the host country's demand for FDI:the existence of "dual finance", and capital market imperfection result in China's make non state-owned enterprises hardly to get loan from financial system, which lead them looking for investment from foreign investors. When we get the theoretic conclusion, we observe our country's regional financial development and the distribution of FDI. Finally, we test the observation conclusion and theory conclusion whether is applicable in our country.
This whole thesis is composed of six parts.
The first part discusses the significance of our research, contents, innovation and the method we use as well as the overall arrangements for this article.
In the next two chapters, based on the related theory and literature, we proposed the mechanism that the financial development's impacts on the FDI inflows. From the point of supply, the host country's financial development have impact on the FDI enterprises through cost and market; From demand perspective, due to the low level of domestic financial development and the existence of financial distortions, domestic enterprises lack funds, there is a strong demand for foreign capital, so the financial distortion is a leading cause of inflow FDI. The conclusion is as follows:in the different stages of financial development, the financial factor's impact on FDI inflows is different. When the host country's financial development reaches a certain level, the higher of financial development, the more of FDI inflow. When the level of financial development is low, financial distortions leads to FDI inflows.
In the fourth chapter, we use statistical methods to study our country's regional financial development and FDI distribution. This chapter reaches conclusions that:regional distribution of FDI is consistent with the differences of regional financial development; the eastern is significantly higher than central and western regions.
In Chapter V, this thesis select certain financial development indicators and econometric models, use country and regional panel data of China to test the third chapter's and the forth chapter's conclusions. The results show that:in the central and western regions, because of the relatively low level of financial development, financial distortion is one of the reasons leading to FDI inflows; in the eastern region, the higher of financial development, the more of FDI inflow.
Chapter VI is conclusions and policy suggestions. This part sums up the conclusions from the empirical research and makes suggestions for the eastern, central and western areas, and then we propose future research direction.
引文
1蔡伟雄,在博士论文《发展中国家的金融发展对FDI引进的影响》一文中得出此。相关数据表明,尽管中国吸引外资的绝对数量比较大,但是人均相对量却低于世界平均水平,人均外商直接投资占国内生产总值的比重也低于世界平均水平。
2国际货币基金组织(IMF)对FDI定义为：一国的投资者将资本用于它国的生产或径营,并学握一定径营控制权的投资行为。
3国际资本流动的另外两种形式是国际证券投资和外国银行借款。
4周立、王子明在《中国各地区金融发展与经济增长实证分析：1978 2000》一文中对金融发展的定义。
1参见王曙光在《金融发展理论》一书对金融发展理论的阐述。
6参见Goldsmith于1994年,在《金融结构与金融发展》一书中对金融发展所作的详细叙述。
7 Huang (2003),张军(2004),罗长远(2008),胡立法(2008),黄玖立,洗国明(2009),陈勇兵(2009)分别从不同的角度分析了这一独特的现象。
8参见Financial Control During the Transition from Classical Socialism to a Market Economy." Journal of Economic Perspectives,5 (4). Fall 1991. pp.107-22.
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2国际货币基金组织(IMF)对FDI定义为：一国的投资者将资本用于它国的生产或径营,并学握一定径营控制权的投资行为。
3国际资本流动的另外两种形式是国际证券投资和外国银行借款。
4周立、王子明在《中国各地区金融发展与经济增长实证分析：1978 2000》一文中对金融发展的定义。
1参见王曙光在《金融发展理论》一书对金融发展理论的阐述。
6参见Goldsmith于1994年,在《金融结构与金融发展》一书中对金融发展所作的详细叙述。
7 Huang (2003),张军(2004),罗长远(2008),胡立法(2008),黄玖立,洗国明(2009),陈勇兵(2009)分别从不同的角度分析了这一独特的现象。
8参见Financial Control During the Transition from Classical Socialism to a Market Economy." Journal of Economic Perspectives,5 (4). Fall 1991. pp.107-22.
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