中文摘要：

文章利用1994—2013年的年度时间序列数据，对山东省对外直接投资的产业空心化效应进行了实证分析。结果表明，山东省对外直接投资对规模空心化和效率空心化呈现出显著的负面影响，但它不是影响山东省产业空心化的最主要因素；固定资产价格指数和生产者购进价格指数等要素成本对山东省产业空心化的影响最为明显；随着外贸出口和外商直接投资增速减缓，它们成为仅次于要素成本的影响山东省产业空心化的又一重要因素。

英文摘要：

Taking annual data from 1994 to 2013 as samples, this paper empirically analysizes the industrial hollowing-out effect of outward foreign direct investment in Shandong province. The results show that outward foreign direct investment has a significant negative effect on scale hollowing-out and efficiency hollowing-out, while the factor costs such as fixed asset price index and producer price index instead of outward foreign direct investment are the main factors influencing industrial hollowing-out. With their slow growth, export and foreign direct investment have increasingly affected industrial hollowing-out.