CAJ | 학술논문

基于引入外资溢出效应的柯布-道格拉斯生产函数，研究了三种不同类型的外资对中国经济增长的作用，其中，重点考察金融市场水平在外资促进经济增长过程中所发挥的作用。研究结果显示，并不是所有的外资都对经济增长有积极而深远的影响，为了从不同的外资中获得更多的收益，金融市场发展水平担当了重要的角色。外资对经济增长的正溢出效应要求金融市场发展满足特定的门槛水平。
기우인입외자일출효응적가포-도격랍사생산함수，연구료삼충불동류형적외자대중국경제증장적작용，기중，중점고찰금융시장수평재외자촉진경제증장과정중소발휘적작용。연구결과현시，병불시소유적외자도대경제증장유적겁이심원적영향，위료종불동적외자중획득경다적수익，금융시장발전수평담당료중요적각색。외자대경제증장적정일출효응요구금융시장발전만족특정적문함수평。
Based on introducing foreign spillover effect Cobb -Douglas production function , we studied how three different types of foreign capital ( FDI, foreign debt and B shares investment ) could promote economic growth during 1993 to 2008 in China.Investigation focuses on the role of finance markets as a channel through which for-eign capital flows could promote growth.The findings reveal not all foreign capital flows have a positive and signifi-cant impact on the growth process.In order to benefit more from different types of foreign capital ( FDI, foreign debt and B shares investment ) , a well-developed finance market must first be in place.Our results indicate that the negative impact of foreign capital flows can be transformed into a positive one if the stock market development has attained a certain threshold level.