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本文基于我国1987-2008年的省际面板数据对金融发展、FDI与经济增长的关系进行了实证检验。研究中引入了金融市场规模和银行业结构这两个金融发展指标,并采用一阶差分GMM估计,克服了变量内生性问题。分析表明:金融市场规模对经济增长有促进作用,但金融市场规模并没有显著地提高FDI的溢出效应;银行业集中对经济增长有显著的负向影响,而且银行业集中对FDI的溢出效应显著为负。
Based on the provincial panel data from 1987 to 2008 in our country, this paper empirically tests the relationship between financial development, FDI and economic growth. The study introduced two financial development indexes, financial market size and banking structure, and adopted the first-order differential GMM estimation to overcome the variable endogenous problems. The analysis shows that the size of the financial market can promote economic growth, but the size of the financial market does not significantly increase the spillover effect of FDI; the concentration of banking industry has a significant negative impact on economic growth, and the spillover effect of banking concentration on FDI is significant Negative.