FDI流入、融资约束与出口溢出效应*

FDI、Financial Constraint and Export Spillover

摘要:

本文利用省际面板数据考察了融资约束对于FDI出口溢出效应的影响。主要结论包括：全国层面总体分析显示,地区融资约束水平越高,FDI出口溢出效应越弱；就地区层面而言,融资约束水平对于东部地区FDI出口溢出效应具有促进作用,而对于中西部地区则具有显著的遏制作用。地方政府围绕FDI展开的引资竞争对内资企业融资活动产生挤出效应对FDI出口溢出抑制,而地区间引资政策优惠幅度、FDI质量以及技术学习承接能力的差别是造成区域差异效应的原因。

Abstract:

Based on domestic province-level panel data ,this paper studies the impact of financial constraint on the FDI export spillover. TheSempiricalSanalysis show thatSthe higher financingSconstraints,Sthe weaker the positive function of FDISexport spillover; while the influence of financial constraints on the FDI export spillover has obvious regional difference. The financial constraints level promote the FDI export spillover in the easternSregion, but in the central and western region, it did the quite opposite. The competition for investment between the local governmentSexacerbate the financial constraints of domestic enterprise and inhibit the positive FDI export spillover. The differences exist in the margin ofSpreferential policy,SFDI qualitySand technical learningSability are the cause of regional variations.