四川大学硕士学位论文
西部三大区域，从区域发展差异的角度进行实证分析。检验结论如下：第一，
金融效率的提高和金融结构的完善会促进了我国对外直接投资，而金融规模
的扩大会抑制对外直接投资；第二，金融效率和金融结构对对外直接投资的
促进作用具有区域异质性。这是由于我国东部沿海地区金融效率和结构发展
水平高，对对外直接投资的正向促进作用会大于中西部地区。在此基础上我
们进一步分析了扩大金融规模对对外直接投资的影响，提出了金融发展规模
对对外直接投资的影响不是简单的线性关系，而是非线性关系，具有一定创
新性。通过门槛模型检验得知，金融规模对我国对外直接投资的影响存在门
槛效应且这一效应同样具有区域异质性。即当金融规模低于门槛值时，规模
的扩大会阻碍的对外直接投资，当金融规模跨过门槛值时，规模的扩大会促
进对外直接投资。基于以上结论，本文有针对性地从金融发展规模、发展结
构、发展效率和区域金融协调发展的角度提出了四点建议，有利于各地区抓
好区域金融发展特色，加大金融对对外直接投资的持续支持。
关键词：金融发展,对外直接投资,区域差异
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四川大学硕士学位论文
The impact of China's financial development
on foreign direct investment from the perspective
of regional differences
Major：Finance
Postgraduate：Lan Zhu
Supervisor: Chang Xue
Abstract: Since the reform and opening up, China has accelerated the pace
of integration into the global economic development. While actively introducing
foreign advanced technology and foreign capital, the government also encourages
enterprises to go abroad and carry out foreign investment and transnational
operation. Foreign direct investment is one of the important ways for China to
participate in the development of economic globalization. In recent years, China's
total amount of foreign direct investment has continuously reached a new high,
increasing from US $1.9 billion in 1999 to US $137 billion in 2019, with an
average annual growth rate of 53.4%. In the study of many factors affecting foreign
direct investment, domestic and foreign scholars generally believe that capital is
the core of promoting foreign direct investment, and the key factor affecting capital
is the level of financial development of a country or region. China is rich in
resources and abundant in land and resources, but there are still some problems
such as the unreasonable distribution of regional economic resources, which makes
the foreign direct investment and financial development have obvious regional
heterogeneity. Therefore, it is of theoretical and practical value to study the impact
of China's financial development on OFDI from the perspective of regional
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四川大学硕士学位论文
differences.
The current situation of China's financial development and foreign direct
investment, and then combs the relevant literature and theoretical basis of financial
development, foreign direct investment and the impact of financial development
on foreign direct investment. Combined with the current imbalance of regional
financial development in China, this paper puts forward two hypotheses:
hypothesis 1: the improvement of financial development level will promote foreign
direct investment; Hypothesis 2: the impact of financial development on foreign
direct investment has regional heterogeneity. In the part of empirical analysis, this
paper selects China's provincial panel data in recent ten years (2008-2018) to
establish a fixed effect model. First, it tests the impact of financial development on
foreign direct investment from three dimensions of financial scale, financial
structure and financial efficiency. Then, it divides China into three regions: Eastern,
central and western, and makes an empirical analysis from the perspective of
regional development differences. The conclusions are as follows: first, the
improvement of financial efficiency and financial structure will promote China's
foreign direct investment, while the expansion of financial scale will inhibit
foreign direct investment; second, the promotion of financial efficiency and
financial structure on foreign direct investment has regional heterogeneity. This
due to the high level of financial development efficiency and structure in the
eastern coastal areas of China, the positive effect on OFDI is greater than that in
the central and western regions. On this basis, we further analyze the impact of
expanding financial scale on foreign direct investment, and innovatively put
forward that the impact of financial development scale on foreign direct investment
is not a simple linear relationship, but a nonlinear relationship. Through the
threshold effect model test, we know that the impact of financial scale on China's
foreign direct investment has a threshold effect, and this effect also has regional
heterogeneity. That is, when the scale of financial development is lower than the
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