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

摘要： 本文利用1999—2013年中国工业企业数据库,实证分析国内区域市场分割对引进FDI的影响。研究发现,区域市场分割显著抑制FDI的引进,主要由商品和劳动力市场分割导致,并通过市场规模效应、要素流动效应和公平竞争效应三个渠道实现。进一步分析显示,数字经济的发展缓解市场分割对引进FDI的负面影响,且存在阶段性差异及对优质FDI的改善作用更强;市场分割对国有企业、外销企业、市场潜力大的区域引进FDI的影响作用更小,侧面强化了机制作用检验的可信度。上述结论为推动全国统一大市场建设、促进“双循环”提供了有益的经验证据。

关键词: FDI, 区域市场分割, 数字经济发展