摘要
本文使用Hansen多门槛面板回归模型,从省际层面分析了引入外资的经济增长效应。研究发现,在省际层面上,外资进入对经济增长存在门槛效应,经济发展水平、金融发展深度和科技创新能力门槛效应较为显著。此外,外资的经济促进作用与金融发展深度之间呈现非单调关系,随着金融发展深度的不断提高,外资对经济增长的拉动效应将有所降低。虽然不同地区外资进入的经济增长效应存在差异,但绝大部分省份的门槛变量都处于受益区间,应采取针对性措施因地制宜,充分发挥外商直接投资拉动经济增长的正向效应。
This paper uses the Hansen multi-threshold panel regression model to analyze the effect of foreign direct investment on economic growth at the provincial level.It is evident that there is a threshold effect of foreign investment on economic growth.The significant threshold factors at the provincial level include the level of economic development,the depth of financial development and the capacity for scientific and technological innovation.The relationship between the economic promotion effect of foreign capital and the depth of financial development is not a simple one.With the continuous deepening of financial development,the pulling effect of foreign investment on economic growth will be reduced.Finally,although there are significant differences in the economic growth effect of foreign investment in different regions of China,threshold variables in most provinces are in the benefit range for the introduction of foreign capital.China needs to apply targeted measures that suit local conditions and give full play to the positive effect of foreign direct investment on economic growth.
出处
《金融市场研究》
2020年第11期108-121,共14页
Financial Market Research
关键词
外商直接投资
门槛效应
经济增长
Foreign Direct Investment
Threshold Effect
Economic Growth
