制度、政策与外商直接投资的区位分布——来自中国各地区的经验证据

无论按流量还是按存量来衡量,外商直接投资(FDI)在中国各地区的地理分布都显得极不均衡.通过对造成这种差异性分布现象的制度和政策因素的实证研究,可以得出两点主要结论:市场化程度、政府运行效率、政府的节俭程度、产权保护程度、对外商投资企业进出口的限制程度等制度因素对外商直接投资的地区流向有着显著的影响;优惠政策虽然有助于吸引更多的外商直接投资,但随着时间的推移和地方政策的干扰,中央政府优惠政策的效应呈明显的递减趋势.

Institution,Preferential Policy and Distribution of FDI within China:An Empirical Study

Both by the standard of capital inflow and by the standard of inward stock, the geographic distribution of foreign direct investment (FDI) within China is extremely uneven. Drawing on a database from 1985-2001, this paper attempts to investigate the influences of institutional and policy-preferential factors affecting distribution of FDI among China's provinces. Empirical findings indicate that higher degree of marketization, efficient government, lower administrative expense, protection of property rights, loose control of import and export to foreign-funded enterprises (FFE) attribute to more inflow amount of FDI. With the passage of time and intervention by local government policies, the preferential policy issued by central government takes marginal effect although it is still an important factor in attracting FDI. Based on the above-mentioned findings, the paper presents policy implication accordingly.