中文摘要：

本文运用中国对外投资的省际面板数据,从金融发展规模和金融发展效率两方面研究了母国金融发展对OFDI的母国生产率溢出效应的影响。结果表明,无论是金融发展规模还是金融发展效率均对OFDI的母国生产率溢出存在明显的门槛效应,只有部分地区的金融发展水平跨过了促使OFDI产生生产率溢出效应的门槛,相当一部分地区的金融发展仍停留在门槛值之下,致使这部分地区的对外投资对生产率的促进作用不明显。最后,本文针对如何推动金融发展和提升金融效率促进OFDI的生产率溢出提出了相关政策建议。

英文摘要：

Based on the provincial panel data of China,this paper estimated the effects that financial development has on the productivity spillovers from OFDI.The empirical results revealed the existence of the threshold effect,that is,only financial development reach a certain level can the productivity spillovers from OFDI occur.From the empirical result it can be seen that only part of 29 provinces has crossed the financial development threshold and benefit from OFDI productivity spillovers.Those provinces that haven＇t crossed the threshold can＇t gain the productivity spillovers.Finally,this paper put forward some advice of promoting financial development and improving the efficiency of financial markets to ensure that productivity spillovers from OFDI happen.