中国双向直接投资均衡度的演变特征及对融资约束的影响

研究目标:揭示中国双向直接投资均衡度的时空演变特征，测算区域融资约束，分析中国双向直接投资对融资约束的影响。研究方法:运用动态度和均衡度衡量双向直接投资的流动情况，基于MSAR模型考察不同时期双向直接投资均衡度之间的依赖性。研究发现:IFDI和OFDI相向运动导致中国双向直接投资渐趋均衡，理论层面双向直接投资对融资约束的影响具有不确定性，实证发现在政策扭曲等内生制度安排下双向直接投资均衡度并未缓解融资约束，市场化水平减弱了双向直接投资均衡度对融资约束的负向作用。研究创新:构建双向直接投资均衡度将IFDI和OFDI综合起来；度量区域融资约束；阐明双向直接投资对区域融资约束的影响机理。研究价值:为双向直接投资与融资约束的良性互动提高决策参考。

Spatiotemporal Evolution Characteristics of China's Two-Way Direct Investment Equilibrium and Its Mitigation Effect on Financing Constraints

Research Objectives:The paper reveals the spatial and temporal evolution characteristics of China's two-way direct investment equilibrium,measures regional financing constraints,and analyzes the impact of China's two-way direct investment on financing constraints.Research Methods:Dynamic degree and equilibrium degree are used to measure the flow of two-way direct investment,and the dependence of two-way direct investment equilibrium degree in different periods is investigated based on MSAR model.Research Findings:The opposite movement of IFDI and OFDI leads to the gradual equilibrium of China's two-way direct investment.At the theoretical level,the impact of two-way direct investment on financing constraints is uncertain.It is empirically found that under the endogenous institutional arrangements such as policy distortion,the two-way direct investment equilibrium does not alleviate the financing constraints,and the marketization level weakens the negative effect of two-way direct investment equilibrium on financing constraints.Research Innovations:Build two-way direct investment equilibrium index to integrate IFDI and OFDI;Measure the regional financing constraints;Clarify the impact mechanism of two-way direct investment on regional financing constraints.Research Value:Improving the reference for the benign interaction between two-way direct investment and financing constraints.