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本文在两阶段世代交叠(OLG)模型中考察了外资企业技术外溢效果是如何依赖于国内金融发展水平的。模型中代表性居民面临成为外资企业雇佣员工或者是自主创业两种选择,通过对两种选择在两个时期消费决策的最优化行为求解,本文证实了金融效率的提高通过减低自主创业门槛从而有利于吸收外资企业技术外溢,同时金融效率变化并不影响外资部门自身的资本边际产出。基于我国1978~2003年时序数据的经验研究结果表明,虽然我国外商直接投资具有明显的资本积累效应,然而由于目前我国金融体系效率相对低下,并不利于国内企业充分吸收外资企业的技术外溢。
This article examines how the technology spillover effect of foreign-funded enterprises depends on the level of domestic financial development in the two-stage generation overlay (OLG) model. Representative residents in the model are faced with two options: to hire foreign workers or start their own businesses. By solving the optimal behavior of the two choices in consumer decision making in two periods, the paper confirms that the improvement of financial efficiency can reduce the self-employment threshold Which is conducive to absorbing the technology spillover from foreign-funded enterprises. Meanwhile, the changes in financial efficiency do not affect the foreign capital sector’s own marginal product of capital. The empirical study based on China’s 1978-2003 time series data shows that although China’s foreign direct investment has obvious capital accumulation effect, its efficiency is not conducive to the domestic enterprises fully absorbing the technology spillover of foreign-funded enterprises.