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本文在一个基准的计量模型中引入了外资特征因素,利用中国省市1999—2006年的数据检验了外商直接投资的数量、外商直接投资特征与经济增长之间的关系。研究结果显示:(1)FDI和国内固定资本投资都会促进经济的增长,但FDI的促进作用显著大于国内固定资本投资;(2)FDI的特征会直接影响外商直接投资对中国经济增长的作用程度甚至方向,单项外商直接投资规模越大以及外资在制造业部门投资的比重越高越有利于促进经济增长,但是外资企业出口比重越高越不利于经济增长,在FDI吸收较多的地区,高技术水平的外商直接投资较有利于经济的增长,而在FDI吸收较少的地区,适宜技术水平的外商投资较有利于经济增长;(3)外资的数量与单项外商直接投资规模、外资企业出口比重之间不存在交互作用,而与外资在制造业部门投资比重之间存在显著为负的交互作用,说明两者之间存在替代关系。外资数量与外资技术含量之间存在显著为正的交互作用,同时外资数量对经济增长的作用如果为正值需要外资技术含量满足一定的临界值。
This paper introduces the characteristics of foreign investment in a benchmarking model and tests the relationship between the number of foreign direct investment, the characteristics of foreign direct investment and economic growth by using the data of China’s provinces and cities in 1999-2006. The results show that: (1) Both FDI and domestic fixed capital investment will promote economic growth, but the promotion effect of FDI is significantly greater than that of domestic fixed capital investment; (2) The characteristics of FDI will directly affect the degree of FDI’s impact on China’s economic growth Even the larger the scale of individual foreign direct investment and the higher the proportion of foreign investment in the manufacturing sector, the more favorable it is for promoting economic growth. However, the higher the proportion of export-oriented foreign-funded enterprises is, the harder it is for economic growth. In regions with more FDI absorption, the higher Foreign direct investment at the technical level is more conducive to economic growth, while in the areas with less FDI absorption, foreign investment at a suitable technological level is more favorable to economic growth; (3) The quantity of foreign capital is in line with the single foreign direct investment scale, the export of foreign-funded enterprises There is no interaction between the proportion, and there is a significant negative interaction with the proportion of foreign investment in the manufacturing sector, indicating that there is an alternative relationship between the two. There is a significant and positive interaction between the amount of foreign investment and the technical content of foreign investment, meanwhile, the effect of foreign investment on economic growth is positive if the technical content of foreign investment needs to meet a certain critical value.