我国目前已经成为世界上最大的资本输出国之一,但同时每年又吸引着巨额的FDI,这种大进大出的背后反映了怎样一种经济现实,而大规模的吸引FDI又是否值得呢?本文将从体制缺陷的角度出发,对上述问题做出解答。FDI的引入实际上克服了中国传统体制中内生出的双重道德风险,在一定时期内能够提高社会的整体福利。 At present, our country has become one of the largest capital exporters in the world, but at the same time it attracts a huge amount of FDI each year. What kind of economic reality is reflected in such an overstatement? Is it worthwhile to attract large-scale FDI? This article will be from the perspective of institutional defects, to answer the above questions. In fact, the introduction of FDI has overcome the dual moral hazard inherent in China’s traditional system and has been able to raise the overall social welfare for a certain period of time.