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本文利用中国2001至2012年的制造业数据,分析了区域金融发展在外资企业知识溢出效应中的作用。研究发现,只有当区域金融效率超过一个临界值后,当地内资企业才能获取外资企业知识溢出效应;相反,金融深度的加深会降低当地企业吸收外资知识溢出的能力,由此反映出我国信贷资源配置效率较低的现状。另外,相对于非国有企业,国有企业吸收外资企业知识溢出效应的能力更容易受到当地金融发展的影响。
Based on the manufacturing data from 2001 to 2012 in China, this paper analyzes the role of regional financial development in the knowledge spillover effect of foreign-funded enterprises. The study finds that local financial enterprises can obtain the knowledge spillover effect of foreign-funded enterprises only when the regional financial efficiency exceeds a critical value. On the contrary, the deepening of financial depth will reduce the local enterprises’ ability to absorb foreign capital knowledge spillovers, thus reflecting the allocation of credit resources in China Less efficient. In addition, compared with non-state-owned enterprises, the ability of state-owned enterprises to absorb the knowledge spillover effects of foreign-funded enterprises is more likely to be affected by the development of local finance.