中文摘要：

外资依存度偏高是我国经济增长的重要特征。以往的研究多基于主流增长理论从技术进步的角度考察FDI对经济增长的影响，因而难以得到全面的结论。本文从开放经济视角出发构建空间增长模型，讨论了外资依赖对经济增长产生的影响。本文认为，外资依存度的提高会因“收入漏出”效应导致东道国经济增长偏离最优路径，但FDI的技术溢出可在一定程度上抵消这一不利影响。要准确判断影响的方向，就需要在了解外资依存度增加原因的基础上对两种效应进行权衡。

英文摘要：

It is evident that the Chinese economic growth is highly dependent on foreign capital. Previous analysis on the effect of FDI to economic growth dwells in the framework of conventional growth theory, focusing only on technological progress. In this paper we consider a spatial growth model to investigate this question from a perspective of an open economy. The increase of foreign dependence causes an economy to deviate from the long-run optimal growth path through income leakage. On the other hand, the technological spitlover effect of FDI may counterbalance this adverse effect. Those two effects should be considered simultaneously to determine the consequence of foreign capital dependence.