中文摘要：

江苏是我国经济增长最快的地区之一,吸引了大量的国内投资,并且以其优越的地理位置和丰富的资源优势吸引大量外资流入.然而庞大的外商直接投资和国内投资对经济发展究竟有何种影响却不得而知.为了研究这种影响,本文选取江苏省2003-2010年制造业28个行业的面板数据,从行业层面来探讨外商直接投资和国内投资这两个重要因素对江苏经济的影响.研究结果发现国内投资的溢出效应是确实存在的,并且随着生产率的提高对低生产率水平行业的拉动作用则更明显；外商直接投资对生产率的提高却有一定的负面作用,随着生产率的提高负效应有所减弱.

英文摘要：

Economically, Jiangsu province is one of the fastest growing areas in China. It has successfully attracted a great amount of domestic and foreign investment because of its superior geographical position and rich resources. However, we have no idea about the effect of either domestic investment or FDI. Based on the data sample of 28 Jiangsu＇s manufacturing sectors from 2（}（13 to 2（110, this article uses the panel data analysis method to study the spillover effects of FDI and domestic investment. （）ur studies reveal that while the coefficient of domestic investment to industry productivity is positive, the coefficient of FDI is negative. We have also found that while domestic investment has played a major positive role in the industries with lower productivity, reduced negative effects of FDI have had a big impact on the industry sectors with higher productivity.