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对外直接投资会通过资本市场和产品市场两个渠道影响到国内投资。使用2004-2014我国省级数据,利用动态面板模型对我国对外直接投资与国内投资的关系进行了实证研究,结果发现:在国内资本仍然稀缺的背景下,对外直接投资会对国内投资带来挤出作用;从地区差异来看,在东部地区,对外直接投资对国内投资的促进作用开始显现,在西部地区,对外直接投资则会挤出国内投资;金融发展可以减弱对外直接投资对国内资本市场的负向冲击,降低对外直接投资对国内投资的挤出作用。对外开放程度的提高则有助于对外直接投资引致的出口增加,从而促进国内投资。
Foreign direct investment (FDI) will affect domestic investment through two channels: capital market and product market. Using the 2004-2014 provincial data in our country, we use the dynamic panel model to make an empirical study on the relationship between China’s FDI and domestic investment. The result shows that in the background that domestic capital is still scarce, FDI will bring crowding in domestic investment In terms of regional differences, in the eastern region, the promotion effect of OFDI on domestic investment is beginning to emerge. In the western region, OFDI will squeeze out domestic investment; while financial development may weaken the impact of OFDI on the domestic capital market Negative impact, reducing the outdated effect of OFDI on domestic investment. The improvement of the degree of opening up will help increase the export led by OFDI, thereby promoting domestic investment.