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外资企业人才外流建立新企业是FDI研发溢出的重要渠道,而新企业的建立势必涉及到融资等金融市场因素。本文利用Difference GMM和System GMM方法,以中国1999-2008年地区面板数据为样本,将金融因素分解为货币、信贷和股票三个市场,对金融市场基于外资企业人才外流创办新企业的研发溢出效应进行了具体分析。研究发现:金融市场在促进外资企业人才外流进而引起技术扩散方面具有重要作用,货币市场通过新建企业的人员流动效应对技术进步有积极影响,而信贷和股票市场没有发挥其积极作用。
Outflow of foreign-funded enterprises to establish a new business FDI is an important channel for research and development spillover, and the establishment of new business is bound to involve financing and other financial market factors. In this paper, using Difference GMM and System GMM methods, taking the panel data of China from 1999 to 2008 as a sample, the paper divides the financial factors into three markets: money, credit and stock, and launches the R & D spillover effect of new firms based on brain drain from foreign-funded enterprises A detailed analysis was carried out. The study finds that financial markets play an important role in promoting the brain drain of foreign-funded enterprises and thus causing technological proliferation. The currency market has a positive impact on technological progress through the personnel turnover effect of new enterprises, while credit and stock markets have not played their positive role.