财政分权、FDI引资竞争与私人投资挤出——基于中国省际面板数据的经验研究

在我国财政分权体制下,地方政府针对FDI展开了激烈的引资竞争,各地针对FDI的优惠措施不断强化,使得外资企业对国内私人投资企业形成了过度的竞争优势,导致FDI对私人投资的"挤出"。实证表明:各地对FDI的引资优惠引致并强化了FDI对我国私人投资的挤出效应;我国中西部地区对外资的优惠强度明显高于东部,由此导致的挤出效应也最为显著。即使在"两税合并"后,分权体制所导致的引资冲动仍使得地方政府有足够激励采取各种变相优惠吸引FDI,因此,应从根本上调整地方政府激励机制,规范区域间引资竞争行为。

Fiscal Decentralization, Competition for FDI and Crowd-out Effect on Private Investment: Empirical Analysis Based on Panel Data Model of China's Provinces

The paper intends to explain the Crowd-out Effect of FDI on private investment from the angle of local government competition and tax privilege for foreign investment.The paper introduces a crowding-out model proved by panel data regression that tax privilege provides the foreign investment with excessive competition advantages,which will result in the effect of FDI to crowd out private investment,this effect of crowding-out is particularly distinct in the west area which has a high level of tax privilege.T...