摘要
企业对外直接投资的快速增长已构成我国外经贸发展的重要因素,也将逐步影响国内经济发展的各个方面。本文研究我国企业对外直接投资对国内投资的影响,首先通过理论机理将影响过程分解为资金转移途径和生产转移途径,并表明资金转移途径将挤出国内投资,且这种效应的强弱取决于金融发展程度;生产转移途径的影响则取决于投资动机,横向动机企业对外直接投资挤出了国内投资,而纵向动机企业对外直接投资则促进了国内投资。进一步地,本文的实证研究表明我国企业对外直接投资在总体上能促进国内投资,金融发展则在促进过程中起到了催化剂的作用;更为深入地发现较小规模的企业对外直接投资会挤出国内投资,较大规模的企业对外直接投资才能促进国内投资,这是因为生产转移的正向效应只有在企业对外直接投资达到一定规模后才能显现。
The rapid growth of foreign direct investment has become an important factor of China＇s foreign trade, and will gradually affect all aspects of domestic economic development. This paper studies the influence of the enterprise foreign direct investment on the domestic investment. Firstly, the paper decomposes the influence process into funds transfer channels and production transfer channels, and finds that funds transfer channels will crowd out the domestic investment and the degree of this effect depends on the financial development. The effect of production transfer channels depends on the investment motivation; the foreign direct investment of enterprises with horizontal motivations crowds out the domestic investment and that with vertical motivations promotes the domestic investment. Furthermore, the empirical study shows that the foreign direct investment in China promotes the domestic investment in general, and the financial development plays a role of catalyst in the promoting process. It is also found that the foreign direct investment of small-scale enterprises crows out the domestic investment and only big-scale foreign direct investment can promote the domestic investment, because the positive effect of the production transfer channel works only when the foreign direct investment reaches a certain scale.
关键词
企业对外直接投资
国内投资
金融发展
动态面板数据回归
Enterprise foreign direct investment
Domestic investment
Financial development
Dynamic panel data regression
