营商环境改变了外国证券投资的母国偏好吗?——基于金融发展中介效应的多层统计分析被引量：3

Does Doing Business Alter the Home Bias of Foreign Portfolio Investment?——Based on Intermediary Effect of Financial Development by Multi-Level Statistical Analysis

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摘要金融开放背景下优化营商环境是中国吸引长期外国证券投资(FPI)、推动经济高质量发展的重要保障。本文基于经济嵌入于制度的视角,选取了2008—2018年全球71个经济体数据,运用多层线性回归模型验证良好的营商环境可以改变FPI母国偏好现象:无论是东道国营商总环境,还是政务、法律、市场和人文分维度营商环境,均显著促进FPI,存在好国偏好现象,且在离岸金融中心、金融危机以后和债券类投资方面表现更为明显;相比人文营商环境,政务、法律和市场环境发挥了更为重要的驱动作用,且市场营商环境在FPI配置中处于主导地位;东道国营商环境显著且稳健地影响金融发展,发挥金融功能的中介效应,进而削弱了FPI母国偏好。本文的结论对于打造一流营商环境,发挥金融市场资源配置功能,促进FPI稳健发展具有重要启示。 To establish a first-class doing business environment under the pattern of two-way financial openness is a significant engine for China to attract long-term foreign portfolio investment(FPI)and promote economic development in high quality.From the perspective of economy embedded systen,this paper aims to explore doing business can alter the home bias of FPI using data of 71 economics from 2008 to 2018 by using the hierarchical linear model.The findings are as followed.Firstly,both overall doing business environment and the four-dimensional doning business environment of government,law,market and human significantly promote the inflow of FPI,which is more obvious in offshore financial centers,the post financial crisis era and bond investment.Secondly,compared with human doing business environment,governmen,law and mark doing business environment have played more crucial roles in driving FPI,among which the market doing business environment acts as a leading role in FPI allocation.Thirdly,doing business environment in the host economic affects financial development remarkably and robustly,imposing an intermediary effect on it and thus helping change the home bias of FPI with financial functions.This gives full play to the decisive role of financial market in resource allocation,and brings insightful enlightenment to face the long-term challenges of FPI’s steady development eventually.

作者王勇马雨函 Wang Yong;Ma Yuhan(School of Economics,Hainan University)

机构地区海南大学经济学院

出处《国际金融研究》 CSSCI 北大核心 2021年第9期45-54,共10页 Studies of International Finance

基金国家自然科学基金地区项目“制度嵌入视角下离岸金融发展的经济效应研究”(71663015) 国家自然科学基金地区项目“外国证券投资的营商环境变迁研究”(72164009)资助海南省社会科学重大委托项目“海南省自由贸易港的金融开放及其保障体系研究”[HNSK(ZD)19-108]。

关键词营商环境外国证券投资金融发展母国偏好多层线性统计 Doing Business Foreign Portfolio Investment Financial Development Home Bias Hierarchical Linear Models

分类号 F831 [经济管理—金融学]