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3169揭示并验证双向跨境投资驱动内外双循环的动态溢出效应及其互动影响，对推动高层次全面开放、破解单边贸易保护主义制约至关重要。文章基于内外双循环机制，构建中国与其他国家之间的双向跨境投资互动溢出模型，以省际面板数据和跨国面板数据实证检验发现：在内循环阶段，其他国家对中国跨境投资在高强度情况下能够双向激励国内经济增长与技术进步；在外循环阶段，中国对其他国家跨境投资的外向经济溢出效应逐渐转化为技术溢出效应；内外双循环彼此衔接，强化“走出去”能够撬动并放大“引进来”的内向经济溢出效应和技术溢出效应；其他国家对中国的跨境投资有利于逆向释放外循环的多边技术溢出效应。进一步对比分析还发现，高强度的双向跨境投资对经济增长和内生增长的双轨溢出红利仅在发展中国家有效；在“一带一路”建设引领下，沿线国家之间的双向跨境投资有利于获得积极的技术溢出红利。上述结论为击破“中国威胁论”、扩大开放经济影响力、以内外双循环推动全球治理新格局，提供了丰富而有力的实证依据。
中国跨境投资的内外双循环溢出效应
摘要
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引用本文
李勃昕, 张玉荣, 朱承亮, 等. 中国跨境投资的内外双循环溢出效应[J]. 财经研究, 2022, 48(3): 4-18.
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