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本文从制度质量的视角去研究外资进入与经济增长之间的关系,采用建构基准模型以及非线性内生门限的方法,检验了制度质量高低对外资增长效应实现的影响。结果发现,制度质量与外资增长效应之间存在着非线性的倒U型关系,即外资进入引致的增长效应在制度质量相对居中的国家最为显著。对此,我们的解释是,对于制度质量较低的国家,制度改进有利于降低交易成本、推动外资参与东道国经济分工,从而促进经济增长;制度质量达到一定高度之后,东道国内资部门的自生能力在制度改进中得到提高,外资的相对优势降低,因而其增长效应开始弱化。
This paper studies the relationship between foreign investment entry and economic growth from the perspective of institutional quality. By using the method of constructing benchmarking model and nonlinear endogenous threshold, this paper examines the influence of institutional quality on the realization of foreign capital growth. The results show that there exists a nonlinear inverted U-shaped relationship between the quality of the system and the growth effect of foreign investment. That is to say, the growth effect caused by foreign capital entry is most notable in countries where the quality of the system is relatively centralized. In this regard, our explanation is that for the countries with lower system quality, institutional improvements help to reduce transaction costs and promote foreign participation in the economic division of the host country so as to promote economic growth. After the quality of the system reaches a certain height, the viability of the domestic sector in the host Institutional improvements have been improved, the relative advantages of foreign capital to reduce, so its growth effect began to weaken.