如何评价外国直接投资（ＦＤＩ）的效应以及怎样对待ＦＤＩ和国内资本的问题，无论在理论上还是在实践上都值得探讨。本文在介绍巴拉苏布朗梅扬等人实证巴格瓦蒂假说的模型和结果的基础上，对假说和实证结论作了初步的评述。作者认为，假说和实证结论有参考意义，但应避免被其误导：ＦＤＩ的效应不可能超越其运作的经济、社会环境，ＦＤＩ也不能超越国内资本。 How to evaluate the effects of foreign direct investment (FDI) and how to deal with FDI and domestic capital is worth discussing both in theory and in practice. Based on the introduction of the models and results of the empirical Bhagwati hypothesis by Barrasu Melanie et al., This article makes a preliminary review of the hypothesis and empirical conclusion. The author believes that the hypothesis and empirical conclusions have reference value, but should be avoided misleading: the effect of FDI can not surpass the economic and social environment of its operation, and FDI can not surpass the domestic capital.