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随着资本账户的逐步开放,境外资本流入流出等外部效应对国内生产效率的影响变得日益突出。国际资本的进出流动是否有利于本土技术进步?抑或只是改进东道国的技术效率?有待深入研究。以随机前沿函数和无效率效应模型为基础构造随机边界模型,利用1991-2013年全球73个国家和地区的数据,实证分析资本账户开放下,国际资本流动以及金融发展水平对技术效率和全要素生产率的影响效应。结果表明:直接投资和证券投资降低了生产无效率,提高了技术效率;其中,直接投资流入对东道国技术效率改进的影响并不显著,但直接投资流出则对本国技术效率改进有显著的逆向溢出效应。同时证券投资流入和流出分别对本国技术效率改进具有显著的正向溢出效应和逆向溢出效应。特别
With the gradual opening up of capital accounts, the impact of external effects such as inflows of foreign capital on domestic production efficiency has become increasingly prominent. Whether the inflow and outflow of international capital is conducive to local technological progress or just to improve the technical efficiency of the host country remains to be further studied. Based on stochastic frontier function and inefficiency effect model, a stochastic frontier model is constructed and the data of 73 countries and regions in the world from 1991 to 2013 are used to empirically analyze the effect of capital account liberalization, international capital flow and financial development on technical efficiency and total factor Effect of productivity impact. The results show that direct investment and securities investment reduce the inefficiency of production and improve the technical efficiency. However, the direct investment inflow does not have significant effect on the technical efficiency improvement of the host country, but the outflow of direct investment has a significant reverse spillover effect on the improvement of domestic technical efficiency effect. At the same time, the inflow and outflow of securities investment have significant positive spillover effect and reverse spillover effect on the technical efficiency improvement of their respective countries. especially