粤港澳湾区市场一体化对该地区FDI的影响——基于固定效应及异质性检验的分析

运用粤港澳湾区2001—2018年的商品市场一体化指数,通过固定效应模型实证研究市场一体化对粤港澳湾区外商直接投资(FDI)的影响并进行异质性检验.结果显示:粤港澳湾区的市场一体化指数与FDI负相关,市场一体化指数越高,FDI反而减少;同时,滞后的市场一体化指数与FDI具有显著的负相关关系,而不同地区的市场一体化程度对外商投资有不同的影响.在此基础上,政府应当积极制定引导政策,大力推进高素质人才建设,并坚持对外开放,同时针对地区差异因势利导,发挥优势促进经济内循环.

Impact of Market Integration on FDI in Guangdong-Hong Kong-Macao Greater Bay Area: Analysis based on fixed effect and heterogeneity test

By calculating the commodity market integration index of Guangdong-Hong Kong-Macao Greater Bay Area from 2001 to 2018, the impact of market integration on FDI in Guangdong-Hong Kong-Macao Greater Bay Area is studied by using fixed effect model and heterogeneity test. The results show that there is a negative correlation between the market integration index and FDI. The higher the market integration index is, the less FDI will be. At the same time, the lagged market integration index has a significant negative correlation with FDI, and the degree of market integration in different regions has different impact on foreign investment. Based on the results, we think that the government should actively formulate guiding policies, vigorously promote the construction of high-quality talents, and insist on the opening-up, and at the same time, according to the regional differences, make full use of its advantages to promote economic inner circulation.