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本文借鉴国内外学者的相关文献,采用或编制了系列指标对资本账户开放程度进行了测度,在使用2003-2013年中国-东盟十国面板数据的基础上运用相关性分析、随机效应模型回归、工具变量法研究了资本账户开放程度与对外直接投资间的关系。结果发现,资本账户流入的开放程度并不是对外直接投资变动的原因,而资本账户流出的开放程度却能显著影响对外直接投资水平。
Based on the literature of domestic and foreign scholars, this paper adopts or compiles a series of indicators to measure the degree of openness of capital account. Based on the panel data of China-ASEAN ten countries from 2003 to 2013, this paper uses the correlation analysis, regression of stochastic effects model, The tool-variable approach examines the relationship between the degree of openness of capital accounts and OFDI. The result shows that the open degree of capital account inflow is not the reason of the change of FDI, but the openness of capital account outflow can significantly affect the level of OFDI.