近年来，资本跨境流动的重要性日益凸显。由于能够带来效益，发展中国家都试图吸引更多资本流入。但是，资本流入也存在潜在的成本，而这些成本常常被忽视了。本文研究表明资本流入有可能弱化对外竞争力。同时，被弱化的竞争力与资本流入相互作用会对资本市场产生不利影响。本文使用22个发展中国家1980年到2014年的样本，利用长期实际均衡汇率模型（longrunrealequilibriumexchangeratemodel），通过计算混合组均值（PMG）来估计不同类型的资本流入——外商直接投资、证券投资、国外收益和国外援助如何影响竞争力。由此，我们计算出竞争力的度量指标，并用其评估竞争力如何与资本流入相互作用...Cross border capital flows have become increasing important over the years. Developing nations try to attract more inflows mainly due to its benefits. However, capital inflows also have potential costs which are often overlooked. This study contends that capital inflows have the tendency of weakening external competitiveness. Also, weaker competitiveness could affect the capital market adversely, ...学位：理学硕士院系专业：王亚南经济研究院_金融工程学号：2772014115461
