本文研究了信贷约束和FDI双向因果关系的三个问题。从企业融资决策行为出发构建双向因果关系的微观理论基础;用双向因果关系解释两者在不同数据层面差异化的相关关系;使用2004-2007年中国工业企业数据以行业准入、人均13种矿藏储量作为FDI工具变量,以企业投资-现金流比作为信贷约束工具变量识别双向因果关系。本文为理解有关信贷约束和FDI流动的经济现象提供了一个一般均衡新视角。 This paper examines three issues of the two-way causal relationship between credit constraints and FDI. Based on the decision-making behavior of corporate finance, the micro-theoretical basis of two-way causal relationship is constructed. The two-way causal relationship is used to explain the correlation between the two at different data levels. Using the data of Chinese industrial enterprises from 2004 to 2007, Reserves as a tool for FDI instruments identify two-way causal relationships using the firm’s investment-cash flow ratio as a credit-constraint instrument. This article provides a new general equilibrium perspective for understanding the economic phenomena associated with credit constraints and FDI flows.