本文基于中国1985—2015年数据,对中国接受的对外援助对FDI流入的影响进行了实证研究,着重考察中国接受的对外援助通过作用于中国的人力资本、金融发展水平、基础设施建设和贸易开放度进而对FDI流入产生的影响,主要得到以下结论:一是中国接受的对外援助促进了FDI流入;二是人力资本的提升与FDI流入是负相关关系,中国接受的对外援助通过作用于人力资本进而对FDI流入产生的是负面影响;三是金融发展水平、基础设施建设、贸易开放度与FDI流入是正相关关系,中国接受的对外援助通过作用于金融发展水平、基础设施建设、贸易开放度进而对FDI流入产生的是正面影响,其中通过作用于基础设施建设对FDI流入产生的正面影响不显著;四是金融发展水平和贸易开放度的提高显著增强了中国接受的对外援助对FDI流入产生的正面影响,基础设施建设没有显著增强中国接受的对外援助对FDI流入产生的正面影响。并据此提出了全球经济下行压力较大情况下,如何积极引进FDI来促进中国经济增长的建议。 Based on China’s 1985-2015 data, this paper conducts an empirical study on the impact of foreign aid received by China on FDI inflows. It examines China’s acceptance of foreign aid through human capital, financial development, infrastructure development and trade liberalization in China The main conclusions are as follows: First, the foreign aid received by China promotes the inflow of FDI; second, the increase of human capital is negatively correlated with the inflow of FDI; and the foreign aid accepted by China takes effect on human capital Thirdly, the level of financial development, infrastructure construction, trade openness and FDI inflow are positively correlated, and the foreign aid accepted by China plays an important role in the development of finance, infrastructural construction and trade openness Which has a positive impact on FDI inflows, of which the positive impact on inflows of FDI through infrastructure construction is insignificant; Fourthly, the improvement of the level of financial development and the degree of trade openness significantly enhance the impact of foreign aid on FDI inflows accepted by China Positive impact, infrastructure construction did not significantly enhance China Accepted foreign aid has a positive impact on FDI inflows. Based on this, it puts forward some suggestions on how to actively introduce FDI to promote China ’s economic growth under the pressure of the global economic downturn.