中文摘要：

本文借鉴Beckand Levine（2008）的模型将地区特征和产业特征相结合，利用我国2001-2007年29个省际区域25个细分工业行业数据，考察地区信贷约束程度差异对区域行业外商投资的影响，采用面板最小二乘估计和工具变量法分析发现信贷约束对国外投资、港澳台投资存在明显的差异性：减小地区信贷约束会吸引人力资本、研发密集行业的国外资本进入，抑制物质资本、劳动密集行业的国外投资，但对自然资源密集行业的国外资本影响则不明显；而对于港澳台资本，放松信贷约束将会促进港澳台投资于劳动密集型行业，抑制港澳台投资流向物质资本密集型行业，对人力资本密集型、研发密集型、自然资源密集行业的影响则不明显。

英文摘要：

This paper is based on the model of Beck and Levine （2008）, combining regional characteristics and industrial characteristics, using year 2001 -2007 29 provincial regions 25 sub-industries data of china, to examine the impact of differences in regional credit constraint on regional industry foreign investment, using the panel least squares estimation and instrumental variable analysis found that the impact of regional credit constraint on the foreign investment and Hong Kong, Macao and Taiwan investment has obvious differences： easing credit constraint will attract foreign capital into human capital, R ＆ D-inten- sive industries, decrease foreign capital into capital-intensive, labor-intensive industries, impact on the natural resource-intensive industry is not obvious; easing credit constraint will promote Hong Kong, Macao and Taiwan investment into labor-intensive industries, decrease Hong Kong, Macao and Taiwan investment flow into material capital-intensive industry, the impact on the human capital-intensive, R＆D-intensive industries, natural resource-intensive industries is not obvious.