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本文分析了开放条件下金融发展对经济增长的影响机制,在此基础上构建不同指标全面衡量了金融发展水平,并运用中国省域样本数据,进行实证分析。研究结果表明金融发展通过加大国内研发投入和扩大了国际技术溢出效应两种机制,显著地促进了中国经济的增长。其中通过进出口贸易获得的技术外溢效应较大,而通过外商直接投资(FDI)和对外直接投资(OFDI)获得的技术外溢效应还未完全显现。因此,我们在减少政府干预,完善国内各项制度,进行金融市场改革和加大国内自主研发力度的同时,还应坚持进口和出口、吸引FDI和对外FDI并举的措施,调整现行的进出口贸易结构,合理引导FDI和OFDI的流向。
This paper analyzes the impact mechanism of financial development on economic growth under the conditions of openness. Based on this, it constructs different indicators to measure the level of financial development in an all-round way and uses the data of China’s provincial regions for empirical analysis. The results show that financial development significantly increases China’s economic growth by increasing domestic R & D investment and expanding the international technology spillover effect. Among them, the technology spillover effect obtained through import and export trade is larger, while the technology spillover effect obtained through foreign direct investment (FDI) and foreign direct investment (OFDI) has not yet been fully realized. Therefore, while reducing government intervention, perfecting various domestic systems, conducting financial market reforms and increasing domestic independent research and development, we should also insist on the measures of importing and exporting, attracting FDI and foreign direct investment and adjusting the current import and export trade Structure, reasonably guide the flow of FDI and OFDI.