CAJ | 학술논문

通过构建一个古诺竞争的扩展模型，分析FDI对国内金融结构的反射作用机制，并运用动态GMM估计方法实证检验了FDI作用于国内金融结构对社会福利的影响。结果表明，FDI对金融结构存在弥补作用，但不存在优化作用；FDI作用于金融结构对社会福利的影响是不确定的，此取决于国内金融融资和FDI两种手段的融资成本等多种外部因素。
통과구건일개고낙경쟁적확전모형，분석FDI대국내금융결구적반사작용궤제，병운용동태GMM고계방법실증검험료FDI작용우국내금융결구대사회복리적영향。결과표명，FDI대금융결구존재미보작용，단불존재우화작용；FDI작용우금융결구대사회복리적영향시불학정적，차취결우국내금융융자화FDI량충수단적융자성본등다충외부인소。
This paper is to strengthen the bridge between theory and practice levels, and reveal the interaction mechanisms between FDI and financial structure through constructing Coumot competition extended model. It uses the panel data including 29 provinces and regions in China from 1991 to 2006, as well as the GMM estimation method of dynamic panel. The research results show that FDI can help compensating the weak performance of financial markets, but it is not conducive to financial structure ＇s optimization. The effect of FDI on the financial system is uncertain to the social welfare due to the various external factors of the domestic financial financing and two ways of FDI financing cost.