统计研究

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FDI、制度环境与创业活动:挤入效应与补偿机制

田毕飞 陈紫若   

  • 出版日期:2017-08-15 发布日期:2017-08-25

FDI, Institutional Environment and Entrepreneurial Activity: the Crowd-in Effect and the Compensation Mechanism

Tian Bifei & Chen Ziruo   

  • Online:2017-08-15 Published:2017-08-25

摘要: 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。

关键词: FDI, 制度环境, 创业活动, 挤入效应, 补偿机制

Abstract: Based on the unbalanced panel data from 79 countries over the period from 2004 to 2012, this paper adopts a panel negative binomial regression to study the impact of FDI and institutional environment on entrepreneurial activity. Furthermore, in this paper, the compensation mechanism including signaling effect, public choice effect, and FDI spillover effect is explored, in order to differentiate the long-term and short-term crowd-in effects. In the paper, the differences in compensation mechanism are also presented among different countries. The results show that FDI has an obvious crowd-in effect on business start-up, and this crowd-in effects is stronger in the countries with longer time required to start up a business, higher cost for business start-up and weaker legal rights on loans. That means, there is a compensation mechanism between FDI and institutional environment, which include strengthening entrepreneurial confidence, improving entrepreneurial environment and enhancing productivity. There exist the FDI’s crowd-in effect and the compensation effect both in the long- and short-term, and the compensation effect is more significant in the long-term than in the short-term. Moreover, compared with the developed countries, the compensation effect is much stronger in developing countries.

Key words: FDI (Foreign Direct Investment), Institutional Environment, Entrepreneurial Activity, Crowd-in Effect, Compensation Mechanism