中国FDI的区位选择及其影响因素分析

文章利用1988—2004年的省际面板数据研究FDI在华的区位选择和决定机制，并以一阶差分广义矩估计（DIF—GMM）方法研究FDI差异的决定机制，弥补了普通最小二乘法和固定效应（Fix Effect）模型在利用动态面板数据回归中的内生性问题，使得估计结果更加稳健、可靠。回归结果表明一国对外开放程度、市场容量、市场化程度和优惠政策与FDI之间呈显著正相关关系，而工资率水平与FDI呈显著负相关关系，实证结果与先前的大部分假设相符，对于出现的不符情况，本文尝试作出可能的解释，最后提出了下一步的研究方向。

Analysis of the Regional Selection of FDI and Its Influential Factor

This paper studies on the regional selection of FDI and its determinants, which is studied by the first order difference of general moment method （DIF-GMM） utilizing the provincial panel data from 1988 to 2004. The DIF-GMM method can solve the endogenous problem better than the OLS and Fixed Effect Model which make the estimation more robust. The result implies that the openness, the market capacity, the extent of marketization, and the preferential policies will have positive effects on FDI, while the wage rate has a negative effect. The empirical results satisfy the most assumptions which we set at first. This paper gives possible explanation to the unexpected results and points out the furtherresearch direction.