Based on China provincial panel data from 2003 to 2020 and by incorporating savings rate and labor cost into the same analytical framework,this study explores the impact and mechanism of population aging on foreign direct investment inflow from both theoretical and empirical perspectives.The research results indicate that there exists a significant inverted U-shaped relationship between population aging and foreign direct investment inflow,and there also exists the following spatio-temporal heterogeneity:spatial heterogeneity manifested as the impact of population aging on foreign direct investment inflow gradually decreasing from the eastern,central to western regions,and time heterogeneity manifested as the impact degree of population aging on foreign direct investment from 2012 to 2020 being significantly higher than that from 2003 to 2011.The savings rate exhibits a positive moderating effect in the process of population aging affecting foreign direct investment inflow and plays a driving role,while labor cost plays a partial mediating effect and its influence on foreign direct investment inflow expands with the continuous intensification of aging,hindering the inflow of foreign direct investment.Therefore,governments at all levels should perfect labor right protection system,increase the investment in human capital,formulate sound mechanisms for foreign investment introduction,and guide the balanced development in foreign direct investment regions.
关键词
人口老龄化/外商直接投资/储蓄率/劳动力成本/中介效应
Key words
population aging/foreign direct investment/savings rate/labor cost/mediating effect
万方数据