摘要
首先,本文将债券类金融资产配置的两国模型拓展至三国模型,并据此提出债券类FPI应当更多地配置到"亲密关系"更高区域的结论。然后,利用2001—2014年间67个母国在132个东道国的债券类FPI头寸数据进行实证检验,发现基因距离、地理距离、制度距离对双边债券类FPI的影响显著为负,而移民、自由贸易协定、共同语言等变量则显著为正。最后,本文指出"一带一路"沿线国家与中国具有较强的"亲密关系",是其吸引中国债券类金融资产流入的比较优势所在。
First, we extended the two-country model to a three-country framework and found debt FPI(foreign portfolio investment) should be more allocated to those countries with higher familiar relationship. Second, we applied the debt FPI data between 2001 and 2014 to examine the influences of familiarity elements. We found genetic, geographical and institutional distance exert a significantly negative impact, whereas the influences of immigration, free-trade agreement and common language were significantly positive. Finally, we pointed out the familiarity relationship between China and the countries along the Belt-and-Road is the comparative advantage of attracting the inflow of Chinese bond financial assets.
作者
王伟
汪玲
黄新飞
邱桓沛
WEI WANG;LING WANG;XINFEI HUANG;HUANPEI QIU(Lingnan(University)College,Sun Yat-sen University;Guangdong University of Finance;Sun Yat-sen University;Tsinghua University,GF Securities)
出处
《经济学（季刊）》
CSSCI
北大核心
2021年第1期309-334,共26页
China Economic Quarterly
基金
国家自然科学基金青年项目(71603291、71703173)
国家社会科学基金重大项目(16ZDA042、17ZDA074)
广东省普通高校青年创新人才类项目(2018WQNCX119)
广州市哲学社科规划2020年度课题(2020GZGJ152)
中山大学“三大”建设专项资金(99123-18823306)支持。
