Can Financial Development Influence the Location Choice of FDI?
LV Chaofeng, HUANG Meibo
School of Economics, Southwestern University of Finance and Economics; Institute of International Development and Cooperation Academy, Shanghai University of International Business and Economics
摘要 本文尝试从不完全契约的角度考察金融发展与FDI区位选择的关系。为此,我们在Antrs and Helpman(2004)模型框架基础上构建了一个简单的、引入金融发展的两地区垄断竞争模型,从理论上提出了待检验的理论假说,即金融发展将会提高该地区对FDI的吸引力;契约的宽泛实施会扩大其对FDI流入量的正影响。在此基础上,基于中国分省分行业数据的经验研究发现,这一假说显著成立;在控制了基础设施等变量及金融发展的其他传导渠道后,该结论依然稳健。
Abstract:
This paper would discuss the impact of financial development on the location choice of FDI from incomplete contract perspective. We develop a monopolistic competition model based on Antràs and Helpman(2004), suggest a hypothesis, that is, financial development would promote FDI inflows of multinational manufactures, and contract intensity increase would enlarge the positive effect of financial development on FDI inflows. Using data across province and industry of China, we find evidence that supports this hypothesis, which is robust after controlling such variables as infrastructure, and other transmission channels of financial development.
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