金融发展、FDI与经济增长

本文基于拉姆齐—卡斯—库普曼斯模型,利用中国29个省、市、自治区1978～2004年的面板数据,研究金融发展、外商直接投资(FDI)对经济增长的影响。研究显示FDI在一定水平下,对东道国资本积累和产出增长的影响是非线性的,随着外资数量的逐渐增加,其对资本积累和产出增长的促进效应逐渐下降,FDI进入初期的正影响最终转为负影响,研究还显示FDI在数量一定的情况下,金融发展对本国资本积累和产出增长有正影响。金融发展通过有利于吸引外商直接投资、为外资企业提供金融服务,将潜在的溢出效应转化为现实生产力,显著地促进了经济增长。

Financial Development, FDI and Economic Growth

Based on Ramsey-Cass-Koopmans model, using panel data trom 1978 to 2004 of 29 provinces of China, this paper studies the influence of financial development and FDI on economic growth. The results show that the influence of FDI on the capital accumulation and economic growth of home country is non-linear. in the early stages of FDI inflows, the influence is positive. But with the increase of FDI inflows, the boost effect is going down, and finally turn to negative. Given the condition of fixed FDI, financial development positively influences the domestic capital accumulation and economic growth. Financial development is helpful in absorbing FDI inflows, provides better services to foreign-owned companies, and transforms the potential FDI spillover effect to real productivity, so significantly boosts the economic growth.