关键词: FDI, 区域市场分割, 数字经济发展

Abstract: The construction of a national unified market is of great significance to “attracting foreign investment”. This paper uses the data of China Industrial Enterprise Database from 1999 to 2013 to empirically analyze the impact of domestic regional market segmentation on the introduction of foreign direct investment. It is found that the domestic regional market segmentation significantly inhibits the introduction of FDI, which is mainly caused by the segmentation of commodity and labor markets, and is realized through three channels, namely, market scale effect, factor flow effect and fair competition effect. Further analysis shows that the development of the digital economy may alleviate the negative impact of market segmentation on the introduction of FDI, and there are phase differences and a stronger effect on improving high-quality foreign direct investment enterprises. In addition, the market segmentation has less impact on the introduction of FDI in state-owned enterprises, export-oriented enterprises and in regions with great market potential, which strengthens the credibility of the mechanism analysis conclusions. This paper provides empirical evidence for promoting the construction of a national unified market and advancing the dual circulation at home and abroad.

Key words: Foreign Direct Investment, Regional Market Segmentation, Digital Economy Development