中文摘要：

笔者将东道国的金融发展水平和契约环境质量因素引入Antras模型，解释了跨国公司主要通过垂直型FDI而非外包的形式进入中国的原因：给定生产的可分割性和东道国的成本优势，金融发展落后将导致东道国供应商的融资成本上升，同时契约环境质量低下会增加跨国公司收到低品质中间品的风险。这两方面的因素都会导致跨国公司以垂直FDI而非外包的形式进入中国，从而形成我国以跨国公司加工贸易出口为主的贸易形态。提升我国FDI流入的质量、改善FDI流入结构必须以金融发展水平提高和契约环境改善为前提。

英文摘要：

By introducing financial development and quality of contractual environment into Antras （2003） model, the paper explains why MNCs enter China through vertical FDI rather than out - sourcing. It shows that given fragmentized production and host countryg cost advantage, under - developed financial sector will cause the supplier in host country to bear higher financing costs, and worse con- traetual environment will also raise the probability of the supplier to hand over low - quality intermediary products to MNCs.