使用1996～2009年的季度数据,构建了VECM模型,分别采用协整理论、脉冲响应函数和Granger因果检验方法对FDI、国内投资与经济增长之间的长期均衡与短期动态关系进行了实证研究,主要结论为:无论长短期,国内投资都促进经济增长,FDI阻碍经济增长;而在短期,FDI促进国内投资,国内投资则抑制FDI;经济增长与国内投资在长期为双向Granger因果关系,而在短期则为单向Granger因果关系;经济增长与FDI无论长短期仅为单向Granger因果关系。 Using the quarterly data from 1996 to 2009, the VECM model was constructed. The co-integration theory, impulse response function and Granger causality test were used to study the long-term equilibrium and short-term dynamic relationship between FDI, domestic investment and economic growth. The main conclusions are as follows: Both domestic and overseas investments promote economic growth both in the short and short term, while FDI hinder economic growth. In the short run, FDI promotes domestic investment while domestic investment inhibits FDI. In the long run, bilateral economic growth and domestic investment have a two-way Granger causality. Short-term one-way Granger causality; economic growth and FDI in both short and long-term only one-way Granger causality.