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Research on the relationship among financial development, foreign direct investment and industrial structure based on the panel smooth transition regression model

Liu Yue, Xu Dilong, Hu Bifeng

The paper studies the non-linear impacts of financial development, foreign direct investment (FDI) and their interactions on the industrial structure based on the panel smooth transition regression (PSTR) model. The research results indicate that FDI exerts greater influence on the industrial structure against the background of financial development; as financial development enhances, the impact of FDI on the industrial structure is nonlinear, which gradually transforms from prevention to promotion; there is a substitution effect between financial development and FDI, which hampers the development of industrial structure.