论文部分内容阅读
本文使用动态面板模型,采用中国2004-2013年国民经济三大部门的细分产业数据,通过系统GMM方法检验了对外直接投资是否挤出了国内固定资产投资。研究发现对外直接投资本身对国内固定资产投资具有挤出效应,忽视金融市场作用会使挤出效应增强;金融机构储蓄规模扩大和效率提升可以缓解对外直接投资对国内投资的挤出效应,特别是当私人部门信贷增长时这种缓解作用会显著增强;对外直接投资通过产品市场对国内投资产生了挤入效应,其中与产品生产与流通相关性较强的产业,其对外直接投资能够促进国内投资。因此,制造业以及生产性服务业应该是中国对外直接投资的重点产业。
This paper uses the dynamic panel model to analyze the data of subdivision industry in the three departments of the national economy in China from 2004 to 2013 and test whether FDI has squeezed the domestic fixed assets investment through the system GMM method. It is found that OFDI has a crowding-out effect on the domestic investment in fixed assets and ignores the role of the financial market in enhancing the crowding-out effect. The expansion of savings and the efficiency increase of financial institutions can ease the crowding-out effect of OFDI on domestic investment. In particular, This mitigation effect will be significantly enhanced when private sector credit increases. FDI has had a crowding-in effect on domestic investment through the product market. In industries with strong correlations with product production and circulation, OFDI can promote domestic investment . Therefore, manufacturing and producer services should be the key industries for China’s OFDI.