Factors of regional distribution of FDI have always been the hot spot of the study.Under the similar geographical location,market size,open level,labor quality,preferential policies.Jiangsu and Zhejiang provinces have different stocks and flows of foreign direct investment,but the current theory can not explain this difference.By setting the state¯owned capital elements and introducing em¯ pirical findings,we find that the difference of the FDI stock and flow between Jiangsu and Zhejiang provinces results from the difference of state¯owned capital stock between the two provinces,that is, the state capital credits have a significant positive nature in promoting FDI inflows.%外商直接投资(FDI)区位分布因素一直是学者研究的热点问题。在地理位置、市场规模、开放水平、劳动力素质和政策优惠水平相似的条件下,江苏、浙江两省的外商直接投资存量和流量均有较大差异,而利用当前的研究理论却无法解释这种差异。设置国有资本要素并将其引入实证后发现,江苏、浙江两省在 FDI 存量和流量上的差异是由于二者国有资本存量差异而导致的,即国有资本额度对促进FDI 流入具有显著的正向性。
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