中文摘要：

文章就中国各地区金融市场化进程对投资的影响效果进行了研究.测算了1990-2007年中国各地区金融市场化相对指数,通过建立空间面板计量模型考察了中国区域金融市场化进程对投资的影响,其结果证实中国各地区金融市场化改革对投资增长的影响存在空间效应;此外,通过对东中西部三大地区的比较研究发现,东部投资的集聚效应要明显高于中西部地区.

英文摘要：

With the process of financial liberalization, this paper builds the regional index of financial liberal- ization of China form 1990 to 2007 on basis of Ndikumana＇ s model. It works out that the process of regional finan- cial liberalization of China has spatial correlation of regional variables on the growth of investment. The empirical results show that the regional financial liberalization of China has significant impact, and the effect of investment in the western region is much higher than that in central and eastern regions.