CAJ | 학술논문

本文基于中国大陆1995—2009年省级面板数据,实证检验了外商直接投资对全要素生产率增长的促进作用是否依赖于金融发展水平的问题.结果发现:只有当金融发展水平越过门槛值之后,外商直接投资才会产生显著的全要素生产率增长效应;目前中国金融发展水平尚未进入这一阶段,而且本身也不足以对全要素生产率增长产生积极的贡献.
본문기우중국대륙1995—2009년성급면판수거,실증검험료외상직접투자대전요소생산솔증장적촉진작용시부의뢰우금융발전수평적문제.결과발현:지유당금융발전수평월과문함치지후,외상직접투자재회산생현저적전요소생산솔증장효응;목전중국금융발전수평상미진입저일계단,이차본신야불족이대전요소생산솔증장산생적겁적공헌.
Based on the provincial panel data of mainland China from 1995 to 2009,this paper conducts empirical analysis on whether the enhancement of total factor productivity (TFP) growth by foreign direct investment (FDI) depends on the level of financial development. It finds that only after the financial development has crossed the thresh-old can FDI significantly enhance the TFP growth. Currently,China’s financial development has not entered this phase and is insufficient to actively contribute to the TFP growth by itself.