CAJ | 학술논문

本文着重考察了外商直接投资与金融发展在地区资本配置方面发挥的作用及两者间是否存在替代或者互补性关系。文章以1999～2006年间中国大陆28个地区27个工业行业为样本，借助Wurgler（2000）的资本配置效率估算模型，构建了非国有部门信贷比重等衡量金融发展程度的指标，运用系统广义矩估计方法进行了实证检验。结果显示：外商直接投资和金融发展显著改善了地区资本配置效率，但两者间的竞争和挤出效应妨碍了个体功能的有效发挥，这一问题在上海等经济较发达地区尤其突出。主要政策含义是进一步深化国内金融体系改革和适当调整外资策略。
본문착중고찰료외상직접투자여금융발전재지구자본배치방면발휘적작용급량자간시부존재체대혹자호보성관계。문장이1999～2006년간중국대륙28개지구27개공업행업위양본，차조Wurgler（2000）적자본배치효솔고산모형，구건료비국유부문신대비중등형량금융발전정도적지표，운용계통엄의구고계방법진행료실증검험。결과현시：외상직접투자화금융발전현저개선료지구자본배치효솔，단량자간적경쟁화제출효응방애료개체공능적유효발휘，저일문제재상해등경제교발체지구우기돌출。주요정책함의시진일보심화국내금융체계개혁화괄당조정외자책략。
The paper mainly studies whether financial development and foreign direct investment as well as their joint effect improve local capital allocation efficiency with the perspective of real economy. With China＇s province-level industrial data from 1999 to 2006 as a sample, the paper uses a system GMM technology to explore the empirical relationship between financial development and foreign direct investment as well as their joint effect and local capital allocation efficiency through Wurgler （2000） model and self-constructed financial development indicators. The result shows that financial development and foreign direct investment are related with the local capital allocation efficiency positively, but their joint effect goes against the improvement of local capital allocation efficiency. The policy implication of the paper is to further deepen domestic financial system reform and adjusts foreign investment strategy appropriately.