| This article aims to clarify the impact of foreign direct investment(FDI)on Chinese regional financial development through theoretical analysis and empirical research.As FDI continues to flow into China,its impact on domestic industrial development and technological product innovation is obvious.Due to institutional and institutional reasons,private companies with strong domestic financing needs are facing difficulties in financing and expensive financing,and there are obvious financing constraints in the financial market,which makes the resource allocation of the financial system inefficient and is not conducive to the healthy development of the financial market.As a form of international capital flow,FDI will inevitably have many effects on the host country's financial market.This article sorts out the mechanism of FDI's effect on regional financial development from the micro and macro levels,and conducts an empirical test on its impact,which has certain theoretical and practical significance for the rational use of foreign direct investment and the improvement of the efficiency of financial market resource allocation.Specifically,this article first introduces the research background,combs the research done by domestic and foreign scholars on FDI and the host country's financial market,and explains the innovation of this article.Secondly,this article introduces the relevant theories of FDI and financial development,theoretically analyzes the micro and macro mechanisms of FDI affecting financial development,and puts forward the research hypothesis that FDI can help improve the regional financial development level of the host country to a certain extent.Thirdly,this paper analyzes the current situation of Chinese FDI and regional financial development,and conducts horizontal and vertical descriptive statistics on the current situation of Chinese FDI inflow in the form of data chart analysis;it measures the key indicators of financial development discussed in this paper,and from The overall and regional aspects of financial development are further analyzed.The analysis of the current situation shows that Chinese FDI inflow basically keeps increasing year by year,showing the characteristics of high in the east and low in the region;there are large differences in financial development levels in different regions,and the intra-regional differences are gradually shrinking;spatial correlation analysis It shows that there is a significant spatial correlation of regional financial development in China,and the level of financial development has a positive impact between neighboring provinces.It is greatly affected by neighboring regions and economic circles,and it is persuasive to set a spatial measurementmodel.The empirical results show that FDI can promote financial development as a whole,and the impact on financial development is different depending on the degree of regional economic transformation;FDI can significantly improve the level of financial development in the eastern region,while in the central and western regions,FDI It has not effectively driven the development of local financial markets.The threshold test results show that FDI has a negative-to-positive "U" nonlinear effect on regional financial development.Finally,this article summarizes the main research conclusions and puts forward policy recommendations such as rational use of foreign investment and reform and improvement of the financial system. |
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