文化多样性与股票市场繁荣——基于WVS数据的实证分析

发布时间：2018-01-11 22:27

本文关键词：文化多样性与股票市场繁荣——基于WVS数据的实证分析　出处：《国际金融研究》2017年05期 　论文类型：期刊论文

【摘要】：本文从文化的视角出发,考察文化多样性对股票市场繁荣水平的影响。基于世界价值观调查(WVS)数据,文章构建了文化多样性指数,结果发现文化多样性总体上对股票市场繁荣具有促进作用。本文进一步的研究表明,文化多样性是一把双刃剑,在不同国家对股票市场繁荣有着截然相反的作用。在高发展水平、法律制度体系完善的发达国家,文化多样性能促进股票市场的繁荣;而在低发展水平、法律制度体系不健全的欠发达国家,文化多样性会阻碍股票市场的繁荣。最后,本文发现国家发展水平和法制水平与文化多样性之间存在交互效应,高发展水平和高法制水平能促进文化多样性表现出建设性力量,促进股票市场繁荣。
[Abstract]:This paper from the perspective of culture and diversity of cultural study on the stock market. The prosperity of the World Values Survey (WVS) based on the data, this paper constructs the cultural diversity index, the diversity of culture on the whole stock market boom has a role in promoting further research. This paper shows that cultural diversity is a a double-edged sword, in different countries have opposite effects on the stock market boom. The high level of development in developed countries, perfect legal system, promote cultural diversity performance of the stock market boom; and in the low level of development, the underdeveloped countries legal system is not perfect, the cultural diversity will hinder the stock market prosperity. Finally, this paper found that the interaction between the national development level and the level of legal system and cultural diversity, the development of high level and high level of legal system to promote cultural diversity A constructive force will promote the prosperity of the stock market.

【作者单位】：中山大学管理学院;中山大学岭南学院;
【基金】：国家自然科学基金重点项目(No.71231008) 广东省自然科学基金研究团队项目(No.2014A030312003)资助
【分类号】：F832.51;G05
【正文快照】： 引言在全球竞争日益激烈的今天,建立一个健康繁荣的股票市场是所有国家的共同目标之一。一个健康繁荣的股票市场能够实现资金的有效配置,为资金需求者提供有效的融资渠道,同时为投资者创造良好的投资环境。Pagano(1993)在内生增长理论的基础上,通过模型分析,指出股票市场可

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