财政分权对区域产业外商投资的影响研究

本文借鉴Beck、Laeven和Levine（2008）模型将地区和产业特征相结合，利用我国2001—2007年29个省级区域25个细分工业行业数据，实证分析了财政分权程度的地区差异对省级区域行业外商投资的影响。研究发现财政分权较高地区的资本密集度大的行业外商投资较多，这一结论不受控制变量以及内生性问题的影响，是稳健的、可信的。根据外商投资来源地的不同将外商投资分为国外投资、港澳台投资的分别研究发现，地区财政分权对国外资本和港、澳、台资本投资吸引存在明显的差异性，在资本密集度较大的行业，加强地区财政分权将会吸引更多的国外投资，但对港、澳、台投资作用却不明显。

On the Effect of Fiscal Decentralization on Foreign Investment in Regional Industries

Based on the model raised by Beck, Laeven and Levine in 2008, this paper uses the data of 29 provinces and 25 sub-industries from 2001 to 2007 in China from the perspective of regional and industrial characteristics to make an empirical analysis of the impact of regional differences in fiscal decentralization on foreign investment in provincial industries. It reaches a conclusion that regions with high-level fiscal decentralization and industries with great capital intensity lead to more foreign investment, which is not affected by control varia- bles and endogeneity and is robust and dependable. Foreign investment can be divided into o- verseas investment and Hong Kong, Macao and Taiwan investment according to its source. It comes to the conclusion that regional fiscal decentralization has significantly different effects on the attraction for overseas capital and Hong Kong, Macao and Taiwan capital, namely in industries with great capital intensity, the reinforcement of regional fiscal decen- tralization is beneficial to the attraction for overseas investment, but plays no obvious role in Hong Kong, Macao and Taiwan investment.