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本文利用2004—2012年79个国家构成的非均衡面板数据,采用面板负二项回归模型,探究了FDI和制度环境对创业活动的影响,分析了基于信号传递理论、公共选择理论和FDI溢出效应的三种补偿机制,区分了补偿作用的长期性与短期性,并讨论了补偿作用在不同国家的差异性。研究结果表明:FDI对创业活动具有显著的挤入效应,且这种挤入效应在创业时间更长、创业成本更高及借贷法律指数更弱的国家得到增强,即FDI对低水平的制度环境存在补偿作用,其补偿机制具体包括增强创业信心、改善创业环境和提高生产率;在短期和长期内,FDI对创业活动的挤入效应及对低水平制度环境的补偿作用均存在,且在长期内补偿作用更显著;此外,与发达国家相比,这种补偿作用在发展中国家更强。
Based on the unbalanced panel data of 79 countries in 2004-2012 and the panel negative binomial regression model, this paper explores the impact of FDI and institutional environment on entrepreneurial activity. Based on the theory of signal transmission, public choice theory and FDI spillover effect The three compensation mechanisms distinguish the long-term and short-term effects of compensation and the differences in compensation roles in different countries. The results show that FDI has a significant crowding-in effect on entrepreneurial activities, and this crowding-in effect is enhanced in countries that have a longer start-up time, higher start-up costs and weaker borrowing legal index, that is, FDI has a negative influence on the low-level institutional environment There is a compensatory role. The compensation mechanism includes: enhancing entrepreneurship confidence, improving the entrepreneurial environment and increasing productivity; in the short and long term, the crowding-in effect of FDI on entrepreneurial activities and the compensation for the low-level institutional environment exist, and in the long run The effect of compensation is even more pronounced. In addition, this compensation role is stronger in developing countries than in developed countries.