权益类国际资产组合投资的引力模型分析

发布时间：2018-08-16 16:06

【摘要】：本文基于27个经济体2001～2009年的面板数据,分类探讨了法律范式的(de jure)金融开放度对发达经济体与新兴市场经济体权益类FPI的影响,同时分析了双边贸易、共同语言、金融发展、内部交易指数等因素的作用。研究结果表明,无论是发达经济体还是新兴市场经济体,权益类FPI随着资本流出国法律范式金融开放程度的提高而显著增加,流入国法律范式金融开放度的提高也会显著提升权益类FPI负债;信息摩擦会显著降低权益类FPI;金融发展水平的提高能够显著提升权益类FPI;作为投资国的新兴市场经济体的权益类FPI更依赖于双边贸易,而发达经济体权益类FPI受金融发展的影响更大。
[Abstract]:Based on the panel data of 27 economies from 2001 to 2009, this paper discusses the impact of the (de jure) financial openness of the legal paradigm on the FPI of developed economies and emerging market economies, and analyzes bilateral trade and common language. Financial development, internal trading index and other factors. The results show that, whether in developed economies or emerging market economies, equity FPI increases significantly with the increase of financial openness in the legal paradigm of capital outflow countries. The increase of financial openness in the legal paradigm of the inflow countries will also significantly enhance the equity FPI liabilities; The information friction will significantly reduce the equity class FPIs; the improvement of the financial development level can significantly enhance the equity class FPIs; as an investment country, the equity class FPI of emerging market economies will be more dependent on bilateral trade. And developed economy equity class FPI is affected more by the financial development.
【作者单位】：南开大学经济学院金融系;中国社会科学院世界经济与政治研究所;
【基金】：教育部重大攻关项目(09JZD0016);教育部重大攻关项目(11JZD0022) 教育部重点研究基地重大项目(2009JJD790027) 教育部人文社科青年项目(11YJC790171) 教育部新世纪优秀人才支持计划国家社会科学基金重点项目(11AGJ001) 国家社科基金青年项目(12CJL050) 中国社会科学院创新工程项目“国际货币金融体系改革与中国的政策选择”资助
【分类号】：F830.59;F224

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