技术创新视角下外商直接投资与金融发展的空间非线性关系——基于半参数空间模型的实证检验

本文以全国30个省份的面板数据为样本，建立普通面板回归、空间滞后模型以及半参数空间滞后模型进行比较，探讨科技创新视角下金融发展的空间溢出效应以及外商直接投资对金融发展的非线性单向影响形态。由结果可知，由于金融资源高度流动性和信息扩张的快速化，金融发展的空间溢出效应明显；外商直接投资对金融发展的影响是非线性、呈现“V”型的三阶段效应。建议优化外商直接投资结构、缩小区域金融发展差距、大力投资教育和研发以推动全国金融市场的发展、提高外商直接投资利用率，转变经济发展模式。

Spatial Non-linear Relations between FDI and Financial Development from Technological Innovation ——Based on Empirical Test of Semi-parameter Spatial Panel Model

This paper presents the spatial spillover effects of financial development and non-linear effects of FDI on financial development based on the comparison of results from panel regression, spatial lag regression and semi-parameter spatial lag regression model with application of 30 provincial panel data from 2001~2015, and finds that owing to the high flexibility of financial resource and expansion of financial information, there are distinct spatial spillover effects and the impact of FDI on financial development shows“V”style symptom which have three different episodes. It is advisable to optimize the structure of FDI, narrow down the distance of financial level, and increase the investment on education and research which can foster the financial market, improve the utilization of FDI and transfer the economic developing mode.