中文摘要：

文章采用中国服务业13个分行业2004—2011年的面板数据，考察了双向FDI的生产率（TFP）效应。结果表明，内向FDI、国内研发、资本劳动比以及不变价工资对中国服务业生产率具有显著的促进作用，而外向FDI与行业结构未表现出显著的正向溢出效应。此外，文章还发现服务业利用外资与对外投资之间存在微弱的相互促进关系，且内向FDI与外向FDI的生产率效应存在明显的行业差异；与针对中国总体FDI的研究文献相比，文章并未发现人力资本在平均意义上对服务业生产率产生提升作用，且对双向FDI生产率效应的影响存在显著的门槛特征，可能原因在于中国服务业仍以传统的低端服务业为主，而大批高学历劳动者的进入导致了人力资本的低效率。

英文摘要：

Based on the panel data of 13 service sub-sectors from 2004 to 2011, this paper empirically investigates the productivity effects of bidirec- tional FDI. It arrives at the following conclusions： firstly, inward FDI, do- mestic R＆D, capital-labor ratio and wages at constant prices play the signif- icantly positive role in the productivity of service industry, but outward FDI and industry structure have no significantly positive spillover effects; sec- ondly, it also indicates that there exists the weak mutually positive relation- ship between inward and outward FDI, and the productivity effects of in- ward and outward FDI vary with the industry; thirdly, compared to the lit- erature regarding to Chinese overall FDI, it does not show that human cap- ital can promote services productivity in the average sense, but its influence on the productivity effect of bidirectional FDI has significant threshold char- acteristics, and the possible reason lies in the traditional low-end service in- dustry in China, and the low efficiency of human capital resulting from the entry of a large number of highly educated workers.