外文翻譯--外商直接投資和經(jīng)濟(jì)增長(zhǎng)以撒哈拉以南的非洲國(guó)家為例

1、<p>　　Foreign Direct Investment And Growth:New Evidences from Sub-Saharan African countries </p><p>　　出 處： University of Technology, Mauritius University of Mauritius</p><p>　　作者：B Seetanah

2、 ,A J Khadaroo</p><p><b>　　Abstract </b></p><p>　　The paper investigates the impact of foreign direct investment(FDI) on economic growth for a panel of 39 Sub-Saharan African countri

3、es for the period 1980–2000.An extended Cobb Douglas production function is used whereby investment is disaggregated into its different types namely domestic private,foreign direct and public investment for more insights

4、 comparative analysis.Taking into account the possible existence of endogeneity in FDI modeling,the study employs both static and dynamic panel data</p><p>　　1.Introduction </p><p>　　There is a

5、general theoretical consensus among development economists that foreign direct investment(FDI)inflows is likely to play a critical role in explaining growth of recipient countries(De Mello,1997,1999;Buckley et al.,2002;A

6、kinlo,2004 provide detailed literature survey).FDI inflows in fact represent additional resources a country needs to improve its economic performance and provides both physical capital and employment possibilities that m

7、ay not be available in the host market.As De Greg</p><p>　　This research thus attempts to complement the few empirical works have undertaken on the FDI-growth hypothesis in the case of Africa.For aims at inv

8、estigating the empirical link between FDI inflows and economic performance for a panel of 39 Sub Saharan African countries,selected as per data availability,for the period 1980-2000 using panel data regression techniques

9、.The study further allows for dynamics and endogeneity issues by using dynamic panel data estimates,namely the Generalised Methods o</p><p>　　The paper is organised as follows,section 2 reviews the literatur

10、e review,section 3 discusses the empirical approach,the data used and also analyses the econometric results.The last section concludes the study. </p><p>　　2.Literature Review </p><p>　　Foreign

11、direct investment has been proved in the literature to be an important promoter of growth in its own right.In effect,foreign direct investment is argued to increase the level of domestic capital formation.This also impli

12、es producing on large scale which in turn results in benefits of economies of scale and specialisation and also increasing export and employment opportunities.These are likely to result in positive economic impacts. <

13、/p><p>　　Foreign direct investment is a particularly key ingredient of successful economic growth in developing countries because the very essence of economic development is the rapid and efficient transfer and

14、 cross border adoption of ‘best practices’,be it managerial and technical best practice or deployment of technology from abroad(Borensztein et al.,1998).Proximity and better access to large market is also well known to a

15、ttract foreign direct investment that in turn implies often accelerated technol</p><p>　　FDI also beneficially affect the productive efficiency of domestic enterprises.Local firms have an opportunity to impr

16、ove their efficiency by learning and interacting with foreign firms.FDI can also raise the quality of domestic human capital and improve the know-how and managerial skills of local firms(the learning by watching effect).

17、Moreover FDI stimulates the development and propagation of technological skills through multinational corporations’internal transfers and through linkages and spi</p><p>　　3.Methodology And Analysis </p&g

18、t;<p>　　We follow recent studies in the field(see Nyatepe-Coo,1998;De Bende-Nabende and Ford,1998;Mello,1999;Bende-Nabende et al.,2002,2003 and Li and Liu,2005 among others)by specifying an extended Cobb-Douglas p

19、roduction function(equation 1) to represent the production technology of an economy.Investment is decomposed in three types namely,domestic private investment,foreign direct investment and also government investment.Such

20、 disaggregation allows us to fully investigate the role of FDI in economic </p><p><b>　?。?） </b></p><p>　　The Cobb-Douglas function ，i represents the countries and t the time dimensi

21、on. </p><p>　　Y denotes the economy’s output,A the shift in the production function attributed to technical progress,which is assumed to be risk neutral,K the domestic private investment,FDI is the foreign d

22、irect investment,G is the public investment and L is labour. </p><p>　　The different investment types of each respective country,that is the domestic private investment(K),the foreign direct investment(FDI)a

23、nd the public investment(G)(note that aggregating all these generates each country’s total investment)are measured as the ratio of the amount of each investment type to the GDP of the country.The main sources of data are

24、 from the International Monetary Fund’s International Financial Statistics(IFS) (various issues),World Development Indicators(various issues),fr</p><p>　　The proxy used for Labour(L)is the employment level o

25、f the countries in the sample.The data were available from the(IFS),World development indicators(various issues) and from various country Central Statistics Websites. </p><p>　　The dependent variable output

26、was proxied by the real Gross Domestic Product at constant price(Y) and was generated from the Summers and Heston(version 6.0).The data set used covers 39 Sub Saharan African countries(as per data availability)over the p

27、eriod 1980–2000. </p><p>　　Econometric modeling and analysis of results </p><p>　　Taking logs on both sides of the equation(1)，the following econometric regression function: </p><p>

28、;<b>　?。?） </b></p><p>　　where the coefficientsβ1,β2,β3 andβ4 are the output elasticities of the factor inputs and ε is the error term. </p><p>　　Cross-Section and Pooled OLS Analysis

29、 </p><p>　　We performed cross section(averaged over the sample period 1980-2000)and pooled OLS analysis of our hypothesis for some preliminary results.Standard errors of the OLS regression were corrected by

30、the White procedure.White(1980)proposed the </p><p>　　heteroskedasticity-robust variance matrix estimator to adjust the standard errors of a regression in the presence of heteroskedasticity.The results are r

31、eported in table 1 (column 2 and 3).The positive and significant coefficient of fdi from the cross section analysis suggests that FDI has been an ingredient of economic growth of African economies over the period of stud

32、y,although to a lesser extent as the other types of investment.The results are consolidated when using Pooled OLS estimates.The</p><p>　　Panel Data Estimates </p><p>　　We employ both static and

33、dynamic(Generalised Methods of Moments)panel data techniques to analyse the role of FDI in the economic growth of our sample of country.In fact use of panel data allows not only to control for unobserved cross country he

34、terogeneity but also to investigate dynamic relations.To test whether to use a random effect or a fixed effect estimation approach,the Hausman test has been used.In fact the Hausman test tests the null hypothesis that th

35、e coefficients estimated by the ef</p><p>　　Table 1:Panel data estimates:Random effects(39 countries x 21 years(1980-2000)) </p><p>　　Dependent variable y=(log of Y). </p><p>　　*sig

36、nificant at 10%,**significant at 5%,***significant at 1% </p><p>　　No serial correlation was detected according to Bhargava,Franzini and Narendranathan(BFN)(1982). </p><p>　　Random effects estim

37、ates suggests that FDI to Sub Saharan African countries has been an important element in explaining growth performance,although as earlier seen,to a lower extent as compared to the other types of capital,namely domestic

38、private and public capital.This positive contribution is in line with the theoretical underpinnings discussed earlier.The effect of FDI in these economies is also reported to be relatively less as compared to other studi

39、es,for instance De Gregorio(1992)for Lat</p><p>　　4.Conclusion </p><p>　　The paper investigated the relationship between FDI and the economic performance for the case of 39 African countries ove

40、r the period 1980-2000.Capital stock,as proxied by investment ratios,has been disaggregated into its different components namely domestic private,FDI and public investment as well in an attempt to disentangle the effect

41、of FDI.Results from the static random effects estimates shows that FDI has a positive and significant effect on the level of economic growth,particularly with </p><p>　　外商直接投資和經(jīng)濟(jì)增長(zhǎng)：</p><p>　　以撒哈

42、拉以南的非洲國(guó)家為例</p><p><b>　　摘要</b></p><p>　　本文調(diào)查研究了39個(gè)撒哈拉以南的非洲國(guó)家，在1980-2000年期間，外商直接投資對(duì)其經(jīng)濟(jì)增長(zhǎng)的影響。投資可以分為不同的類型，即本土化投資，外國(guó)直接投資和公共投資，許多研究學(xué)者利用柯布-道格拉斯生產(chǎn)函數(shù)對(duì)相關(guān)的觀點(diǎn)進(jìn)行了比較分析?？紤]到外國(guó)直接投資模型中可能存在的內(nèi)生性，本文采用靜態(tài)和

43、動(dòng)態(tài)的面板數(shù)據(jù)來進(jìn)行估計(jì)。分析得出，雖然外國(guó)直接投資被運(yùn)用的比重較小，但其在解釋撒哈拉以南的非洲國(guó)家的經(jīng)濟(jì)現(xiàn)象時(shí)，是一項(xiàng)非常重要的影響因素。此外，研究證實(shí)外商直接投資和經(jīng)濟(jì)增長(zhǎng)之間存在著重要的內(nèi)生性，即外國(guó)直接投資不僅能夠帶動(dòng)增長(zhǎng)，而且自身也會(huì)有所增長(zhǎng)。</p><p>　　一、Introduction引言</p><p>　　在發(fā)展經(jīng)濟(jì)學(xué)家中有一個(gè)普遍的理論：外國(guó)直接投資的流入很可能在解

44、釋資金接受國(guó)的經(jīng)濟(jì)增長(zhǎng)中起到關(guān)鍵性作用（De Mello,1997,1999;Buckley et al.，2002；Akinlo,2004,在這些學(xué)者的文獻(xiàn)綜述中提供詳細(xì)資料）。外國(guó)直接投資的流入事實(shí)上表示一項(xiàng)額外的資源，是一個(gè)國(guó)家改善其經(jīng)濟(jì)現(xiàn)象，并提供可能在東道國(guó)市場(chǎng)不可行的實(shí)物資本和就業(yè)機(jī)會(huì)所需要的。例如，De Gregorio（1992）評(píng)論指出“通過增加資本存量，外國(guó)直接投資能夠通過更加有效的利用現(xiàn)有資源和吸收失業(yè)資源來增加國(guó)

45、家的產(chǎn)量和生產(chǎn)率”。然而，外國(guó)直接投資對(duì)于經(jīng)濟(jì)的影響，在實(shí)踐經(jīng)驗(yàn)方面擁有比在理論研究上更多的爭(zhēng)議。盡管許多研究認(rèn)為外國(guó)直接投資對(duì)經(jīng)濟(jì)增長(zhǎng)具有有利的影響，但也有一些研究指出外國(guó)直接投資對(duì)經(jīng)濟(jì)增長(zhǎng)具有不利影響，對(duì)于這一爭(zhēng)論，其中主要原因是數(shù)據(jù)的不足和方法上的缺陷。早期的研究沒有考慮國(guó)家間在技術(shù)，生產(chǎn)和社會(huì)經(jīng)濟(jì)因素上的差異，最近的實(shí)證研究已經(jīng)開始使用面板數(shù)據(jù)來修正上述的不同。（參考Bende-Nabende&Ford，1998；Nai

46、r-Reichert&Weinhold，2001；Bende-Na</p><p>　　因此，這項(xiàng)研究試圖補(bǔ)充已經(jīng)在做的關(guān)于非洲的外商直接投資和經(jīng)濟(jì)增長(zhǎng)關(guān)系的少量實(shí)踐性工作。為了研究外商直接投資的流入和經(jīng)濟(jì)現(xiàn)象之間的連接，本文對(duì)39個(gè)撒哈拉以南的非洲國(guó)家的面板數(shù)據(jù)，按照數(shù)據(jù)的可用性，運(yùn)用面板數(shù)據(jù)回歸方法對(duì)1980-2000年的數(shù)據(jù)進(jìn)行回歸。該研究還運(yùn)用動(dòng)態(tài)面板數(shù)據(jù)對(duì)動(dòng)態(tài)和內(nèi)生性問題進(jìn)行估計(jì)，稱為在廣義矩方

47、法（GMM）。這些來源于撒哈拉以南的非洲國(guó)家的經(jīng)驗(yàn)證據(jù)相信能夠增加更多的資料來進(jìn)行討論。</p><p>　　本文結(jié)構(gòu)如下，第2節(jié)為文獻(xiàn)回顧，第3節(jié)討論經(jīng)驗(yàn)方法，數(shù)據(jù)的運(yùn)用，也分析了計(jì)量經(jīng)濟(jì)學(xué)結(jié)果，最后一節(jié)總結(jié)該研究。</p><p><b>　　二、文獻(xiàn)回顧</b></p><p>　　外國(guó)直接投資已經(jīng)在文獻(xiàn)中被證實(shí)成為了一個(gè)重要的促進(jìn)增長(zhǎng)的

48、因素。事實(shí)上，外國(guó)直接投資能夠增加國(guó)內(nèi)資本構(gòu)成的水平。這也意味著大規(guī)模的生產(chǎn)，能夠引起規(guī)模經(jīng)濟(jì)效益和專業(yè)化生產(chǎn)，也增加了出口和就業(yè)機(jī)會(huì)。這些很有可能產(chǎn)生積極的經(jīng)濟(jì)影響。</p><p>　　外國(guó)直接投資是發(fā)展中國(guó)家經(jīng)濟(jì)增長(zhǎng)的一項(xiàng)特別關(guān)鍵的因素，因?yàn)榻?jīng)濟(jì)發(fā)展中的關(guān)鍵因素是快速有效的轉(zhuǎn)移和吸收國(guó)際上好的實(shí)踐經(jīng)驗(yàn)，對(duì)管理和技術(shù)進(jìn)行好的實(shí)踐或從國(guó)外引進(jìn)先進(jìn)的技術(shù)（Borensztein等人，1998）。不斷接近和更好的進(jìn)

49、入國(guó)際市場(chǎng)，眾所周知，是為了更好的吸引外國(guó)直接投資，也往往意味著加速技術(shù)的轉(zhuǎn)移。外國(guó)投資者所給予的很好的工作培訓(xùn)能夠提高生產(chǎn)力水平。國(guó)家能夠有效的利用這些企業(yè)作為催化劑，允許他們進(jìn)行跨越式發(fā)展。因而，外國(guó)直接投資能夠加速經(jīng)濟(jì)的結(jié)構(gòu)性轉(zhuǎn)移。外國(guó)直接投資通過補(bǔ)充當(dāng)?shù)刭Y源和提供投資機(jī)會(huì)來加速對(duì)內(nèi)投資（Agosin and Mayer,2000）。外國(guó)公司新的外商直接投資項(xiàng)目可以補(bǔ)充當(dāng)?shù)氐乃接谢顿Y，提供投入成本，或使用產(chǎn)出。外國(guó)投資項(xiàng)目中，大

50、部分是經(jīng)當(dāng)?shù)氐慕鹑谑袌?chǎng)進(jìn)行融資。同時(shí)，需要指出的是外國(guó)資本的流入，本身能夠?qū)е聡?guó)內(nèi)信貸供給的增加（Jansen,1995）。</p><p>　　外商直接投資也有效地影響國(guó)內(nèi)公司的生產(chǎn)效率。本地公司有機(jī)會(huì)通過學(xué)習(xí)并與外國(guó)公司相互聯(lián)系來改善他們的效率。外國(guó)直接投資能夠提高國(guó)內(nèi)人力資本的質(zhì)量，改善專有技術(shù)和提高本地公司的管理技能。此外，通過跨國(guó)公司內(nèi)部轉(zhuǎn)移和公司間的聯(lián)接和溢出效應(yīng)，外商直接投資能夠刺激經(jīng)濟(jì)發(fā)展和技術(shù)的

51、擴(kuò)散（Borensztein et al,1998）。最后，外國(guó)直接投資有助于增加當(dāng)?shù)厥袌?chǎng)的競(jìng)爭(zhēng)力，創(chuàng)造就業(yè)機(jī)會(huì)和增加對(duì)發(fā)達(dá)國(guó)家的市場(chǎng)準(zhǔn)入（Noorbakhsh, Paloni, Youssef,2001），所有這些將最終有助于受援國(guó)的經(jīng)濟(jì)增長(zhǎng)。</p><p><b>　　三、研究方法和分析</b></p><p>　　本文依據(jù)當(dāng)前對(duì)該領(lǐng)域的研究（參考Nyatepe

52、-coo,1998; De Bende-Nabende and Ford,1998;Mello,1999;Bende-Nabende et al.,2002,2003 and Li and Liu,2005 among others），并通過柯布道格拉斯生產(chǎn)函數(shù)（等式1）來表現(xiàn)經(jīng)濟(jì)生產(chǎn)技術(shù)。投資分為三個(gè)類型，即國(guó)內(nèi)的私有化投資，外國(guó)直接投資和政府投資。根據(jù)此分類方法，本文全面地研究外國(guó)直接投資在經(jīng)濟(jì)發(fā)展中的角色，并對(duì)不同類型的投資進(jìn)行比

53、較性的研究。</p><p><b>　　（1）</b></p><p>　　柯布道格拉斯生產(chǎn)函數(shù)中的i代表國(guó)家，t代表時(shí)間長(zhǎng)度。</p><p>　　Y表示經(jīng)濟(jì)產(chǎn)出，A表示生產(chǎn)函數(shù)中技術(shù)進(jìn)步的轉(zhuǎn)換，且假設(shè)風(fēng)險(xiǎn)中立，K表示國(guó)內(nèi)私有化投資，F(xiàn)DI是外國(guó)直接投資，G是公共投資，L是勞動(dòng)力。</p><p>　　每個(gè)國(guó)家不同類

54、型的投資，即國(guó)內(nèi)私有化投資（K），外國(guó)直接投資（FDI）和公共投資（G）（集合所有這些投資產(chǎn)生了各個(gè)國(guó)家的總投資），計(jì)量為各個(gè)類型的投資總和比上該國(guó)家的國(guó)內(nèi)生產(chǎn)總值的比率。主要的數(shù)據(jù)來源是國(guó)際貨幣基金組織的國(guó)際金融統(tǒng)計(jì)（IFS），世界發(fā)展指標(biāo)，非洲開發(fā)銀行，非洲國(guó)家統(tǒng)計(jì)（2000）和由聯(lián)合國(guó)公布的世界投資指南。</p><p>　　勞動(dòng)力（L）代表國(guó)家的經(jīng)濟(jì)發(fā)展水平。這些數(shù)據(jù)來源于國(guó)際貨幣基金組織國(guó)際金融統(tǒng)計(jì)，世

55、界發(fā)展指標(biāo)和各個(gè)國(guó)家的中央統(tǒng)計(jì)局網(wǎng)站。</p><p>　　因變量以通過固定的價(jià)格（Y）得出的真實(shí)的國(guó)內(nèi)生產(chǎn)總值來表示，并由Summers 和 Heston研究產(chǎn)生（版本6.0）。這些數(shù)據(jù)包括1980-2000年期間，39個(gè)撒哈拉以南的非洲國(guó)家的相關(guān)經(jīng)濟(jì)數(shù)據(jù)。</p><p>　　計(jì)量經(jīng)濟(jì)學(xué)模型和結(jié)果分析</p><p>　　等式1的兩邊取對(duì)數(shù)，計(jì)量經(jīng)濟(jì)學(xué)回歸分析：

56、</p><p><b>　?。?）</b></p><p>　　系數(shù)，，和是因素輸入的產(chǎn)出彈性，是指偏差。</p><p>　　橫斷面和混合普通最小二乘法分析</p><p>　　本文運(yùn)用橫斷面（1980-2000年期間樣本數(shù)據(jù)的平均值）和混合最小二乘法分析有關(guān)一些初步結(jié)果的假設(shè)。普通最小二乘法回歸的標(biāo)準(zhǔn)誤差由Whit

57、e程序來修正。White（1980）建議用異方差的方差矩陣估計(jì)來調(diào)整存在的異方差回歸的標(biāo)準(zhǔn)誤差。結(jié)果在表1（第2，3列）中顯示。盡管相比其他類型的投資，外國(guó)直接投資在較小的范圍內(nèi)得以運(yùn)用，但通過橫斷面分析，其中具有深遠(yuǎn)意義的fdi系數(shù)建議指出，經(jīng)過一定時(shí)期的研究，外國(guó)直接投資已經(jīng)成為非洲經(jīng)濟(jì)體經(jīng)濟(jì)增長(zhǎng)的一個(gè)主要部分。當(dāng)使用混合普通最小二乘法進(jìn)行估計(jì)時(shí)結(jié)果是一致的。使用單一方程的普通最小二乘法進(jìn)行橫斷面的回歸模型和混合普通最小二乘法的局限

58、性也是眾所周知的（參考Kennedy 2003）。為了克服這些缺陷，需要考慮到面板數(shù)據(jù)技術(shù)。</p><p><b>　　面板數(shù)據(jù)估計(jì)</b></p><p>　　本文運(yùn)用靜態(tài)和動(dòng)態(tài)的面板數(shù)據(jù)來分析外國(guó)直接投資對(duì)于本文的樣本國(guó)家的經(jīng)濟(jì)增長(zhǎng)所起的作用。事實(shí)上，使用面板數(shù)據(jù)不僅可以分析不可觀測(cè)國(guó)家的異質(zhì)性，而且可以研究其動(dòng)態(tài)關(guān)系。為了測(cè)試應(yīng)該使用隨機(jī)效果還是固定效果的估計(jì)

59、方法，本文使用了豪斯曼測(cè)試。事實(shí)上，豪斯曼測(cè)試的對(duì)象是零假設(shè)，即通過有效的隨機(jī)效果估計(jì)的系數(shù)和普通的隨機(jī)效果估計(jì)的結(jié)果是相同的。建議使用隨機(jī)效果模型，表1（第4欄）報(bào)告了相關(guān)估計(jì)。</p><p>　　表1：面板數(shù)據(jù)估計(jì)：隨機(jī)效果（39個(gè)國(guó)家x21年（1980-2000））</p><p>　　因變量y=（Y取對(duì)數(shù)）</p><p>　　*表示10%，**表示5%，

60、***表示1%</p><p>　　根據(jù)Bhargava,Franzini and Narendranathan(BFN)(1982)，指出其沒有連續(xù)的相關(guān)性。</p><p>　　隨機(jī)效果估計(jì)指出外國(guó)直接投資對(duì)撒哈拉以南非洲國(guó)家而言，已經(jīng)成為解釋其經(jīng)濟(jì)增長(zhǎng)現(xiàn)象中的一個(gè)重要基礎(chǔ)，雖然如早期研究指出的，相比于其他類型的投資，即國(guó)內(nèi)私有化投資和公共資本，外國(guó)直接投資的運(yùn)用處于一個(gè)較小的范圍。其

61、積極的貢獻(xiàn)是與先前討論的理論基礎(chǔ)相一致的。相關(guān)研究指出外國(guó)直接投資在非洲經(jīng)濟(jì)中的效果相比其他地區(qū)的研究相對(duì)較少，例如De Gregorio(1992)研究拉丁美洲國(guó)家，Borensztein et al.,(1998)研究一組國(guó)家，Wang(2002)研究關(guān)于亞洲經(jīng)濟(jì)案例和Campos, Kinoshita(2002)研究關(guān)于過渡期經(jīng)濟(jì)。這可以解釋為非洲國(guó)家已經(jīng)處于外國(guó)直接投資的最低受益國(guó)之中。這幾年，外國(guó)直接投資流入非洲已經(jīng)顯示為穩(wěn)步

62、下降的趨勢(shì)。在研究期間，許多流入發(fā)展中國(guó)家的外國(guó)直接投資趨向南亞，東亞和東南亞，其中拉丁美洲和非洲的外商直接投資總額的4-5%流入發(fā)展中國(guó)家。根據(jù)WIR(2001)，2000年非洲在世界上所享有的外國(guó)直接投資下降低于一個(gè)百分點(diǎn)。撒哈拉以南的非洲國(guó)家也有同樣的趨勢(shì)。</p><p>　　撒哈拉以南的非洲國(guó)家已主要依靠國(guó)內(nèi)私有化投資和公共投資。盡管在這些經(jīng)濟(jì)體中相對(duì)較低的外國(guó)直接投資流入，可能解釋為低的效果，但從研究

63、中可以看出，這樣的投資類型（外國(guó)直接投資）仍然在經(jīng)濟(jì)增長(zhǎng)中起著不可忽略的作用。在這些經(jīng)濟(jì)體中越高的外國(guó)直接投資水平將會(huì)伴隨著越高的經(jīng)濟(jì)增長(zhǎng)率。</p><p><b>　　四、結(jié)論</b></p><p>　　本文研究了關(guān)于1980-2000年期間，39個(gè)撒哈拉以南的非洲國(guó)家的外國(guó)直接投資和經(jīng)濟(jì)現(xiàn)象之間的關(guān)系。資本存貨，以投資率為代表，已經(jīng)分為不同的部分，即國(guó)內(nèi)私有化

64、投資，外國(guó)直接投資和公共投資，本文也試著去擴(kuò)散外國(guó)直接投資的效應(yīng)。盡管外國(guó)直接投資所產(chǎn)生的積極效應(yīng)與其他類型的投資相比相對(duì)較少，但根據(jù)本文的相關(guān)靜態(tài)數(shù)據(jù)表明，外國(guó)直接投資對(duì)經(jīng)濟(jì)增長(zhǎng)水平，特別是對(duì)于發(fā)展中國(guó)家而言，有著積極的影響。此外，非洲的經(jīng)濟(jì)發(fā)展處于比較低的層次，這也可以解釋為非洲國(guó)家已經(jīng)處于最低的外國(guó)直接投資受益國(guó)之中。本文證實(shí)了當(dāng)使用面板數(shù)據(jù)估計(jì)時(shí)，外國(guó)直接投資對(duì)經(jīng)濟(jì)增長(zhǎng)的積極影響，也提出了動(dòng)態(tài)系統(tǒng)的存在。因此，外國(guó)直接投資不僅有