CAJ | 학술논문

文章运用扩展的S010W模型在理论上分析了不同部门援助对FDI的影响机制，并以72个亚非国家的数据和动态面板模型进行检验。研究结果显示：一、援助通过直接影响资本积累和全要素生产率两个渠道影响FDI：生产部门援助主要通过资本积累渠道影响FDI；基础设施部门援助和由一般预算支持、债务减免构成的其他部门援助通过全要素生产率渠道影响FDI。二、72个亚非国家接受的不同部门双边援助对FDI的影响不同。社会基础设施部门援助和经济基础设施部门援助促进FDI的流入．生产部门援助与其他部门援助替代了FDI；经济基础设施部门援助对FDI的促进效果最好。生产部门援助对FDI的替代效果最强。因此，为提高援助效率，亚非援助国应增加经济基础设施部门援助，改善生产部门援助、一般预算支持和与债务减免的有效性。
문장운용확전적S010W모형재이론상분석료불동부문원조대FDI적영향궤제，병이72개아비국가적수거화동태면판모형진행검험。연구결과현시：일、원조통과직접영향자본적루화전요소생산솔량개거도영향FDI：생산부문원조주요통과자본적루거도영향FDI；기출설시부문원조화유일반예산지지、채무감면구성적기타부문원조통과전요소생산솔거도영향FDI。이、72개아비국가접수적불동부문쌍변원조대FDI적영향불동。사회기출설시부문원조화경제기출설시부문원조촉진FDI적류입．생산부문원조여기타부문원조체대료FDI；경제기출설시부문원조대FDI적촉진효과최호。생산부문원조대FDI적체대효과최강。인차，위제고원조효솔，아비원조국응증가경제기출설시부문원조，개선생산부문원조、일반예산지지화여채무감면적유효성。
This paper uses the extended Solow model to theoretically analyze the influencing mechanism of sector aid on FDI, and empirically tests the effect by using the data of 72 Asian and African countries and the dynamic panel model. The research results show that： first, aid affects FDI directly through physical capital accumulation and total factor productivity; the aid in production sector affects FDI mainly through capital accumulation, while the aid in infrastructure sector and the aid in other sectors formed by general budget support and debt relief affect FDI through total factor productivity. Second, the aid in different sectors received by 72 Asian and African countries has different effects on FDI in those countries. The aid in social infrastructure and economic infrastructure sectors promotes the inflow of FDI with the aid in economic infrastructure sector showing the best stimulative effect, while the aid in production sector and other sectors substitutes FDI with the aid of production sector showing the strongest crowd-out effect. Therefore, Asian and African countries should increase the amount of aid in economic infrastructure sector, and improve the effectiveness of aid in production sector so as to increase the efficiency of aid.