CAJ | 학술논문

摘要：本文从资本效应、市场效应和制度效应三方面分析了FDI影响区域资本流动的机理，并结合自由资本模型，构建了一个包含FDI的区域资本流动模型。为了验证相关结论，本文利用30个省（自治区、直辖市）1995-2011年的面板数据分析了FDI对中国区域资本流动的实际影响，实证结果表明，FDI对中国区域资本流动产生了抑制作用，这种作用通过资本供给拥挤效应和市场规模扩大效应实现。FDI对东中西部地区区域资本流动的抑制作用存在一定差异，中部地区负面影响最严重，西部次之，东部最低。文章还发现，提高劳动生产率，降低非税负担，有利于促进区域资本流入。
적요：본문종자본효응、시장효응화제도효응삼방면분석료FDI영향구역자본류동적궤리，병결합자유자본모형，구건료일개포함FDI적구역자본류동모형。위료험증상관결론，본문이용30개성（자치구、직할시）1995-2011년적면판수거분석료FDI대중국구역자본류동적실제영향，실증결과표명，FDI대중국구역자본류동산생료억제작용，저충작용통과자본공급옹제효응화시장규모확대효응실현。FDI대동중서부지구구역자본류동적억제작용존재일정차이，중부지구부면영향최엄중，서부차지，동부최저。문장환발현，제고노동생산솔，강저비세부담，유리우촉진구역자본류입。
The paper inspects the mechanism of FDI influencing regional capi- tal flow from three aspects including capital effects, market effects and institution effects. A regional capital flow model encompassing FDI is established in this paper. Using panel data covering 30 provinces （or autonomous regions or munici- pality cities） from year 1995 to 2011, this paper analyzes the actual influence of FDI on China＇ s regional capital flow. The empirical results indicate that FDI has different degrees of restraining effects on China＇ s eastern, central and west- ern regions, with the impact severest on central regions followed by that on west- ern regions and lastly eastern regions. The influence is mainly realized through the crowded effect of capital supply and market scale expansion. Besides, the pa- per also finds that increases in labor productivity and decreases in non-taxation burdens reduction would stimulate regional capital inflow.