| 摘要: |
| 外商投资对我国市场经济具有重要作用。制度建设是新时代改革开放的重中之重，对外商投资的区位选择具有重要影响。已有研究偏向探讨正式制度与外商投资的关系，鲜有提及社会信任这一非正式制度对外商投资的作用效果。基于2010—2015年CGSS数据建立26个省份的社会信任指标，以市场化指数作为正式制度，构建空间面板模型和空间GMM模型，旨在研究社会信任对外商投资区位选择的影响以及社会信任对正式制度的替代作用。分析结果显示，社会信任和市场化程度都会对本地外商投资产生促进作用，并通过加入交叉项证实了社会信任对市场化程度的替代作用；此外，引入空间权重发现社会信任和市场化程度通过影响本地外商投资对相邻地区产生负向空间溢出效应。研究结果可以为我国持续稳健引入外商投资提供参考。 |
| 关键词: 社会信任 市场化指数 FDI 空间面板模型 |
| DOI： |
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| Social Trust and Location Choice of FDI: Spatial Panel Model Based on Provincial Data |
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SHU Jia-xian, ZHANG Yu
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School of Finance, Anhui University of Finance and Economics, Bengbu 233000, Anhui, China
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| Abstract: |
| Foreign investment plays an important role in the market economy of China. System construction is the most important point of reform and opening up in the new era, which can influence the location choice of foreign investment. Previous studies tend to study the relationship between the formal system and foreign investment, but rarely mention the effect of the informal system of social trust on foreign investment. Therefore, based on CGSS data from 2010 to 2015, this paper establishes social trust indicators for 26 provinces, takes the marketization index as the formal system, constructs a spatial panel model and a spatial GMM model, and aims to study the impact of social trust on foreign investment location choice and the substitution effect of social trust on the formal system. The results show that both social trust and marketization degree have a promoting effect on local and foreign investment, and the substitution effect of social trust on marketization degree is confirmed by adding cross terms. In addition, by introducing spatial weight, it is found that social trust and marketization degree have negative spatial spillover effects on neighboring areas by influencing local and foreign investment. This result can provide a reference for the sustainable and steady introduction of foreign investment in China. |
| Key words: social trust marketization index FDI spatial panel model |
