制度质量、金融发展对发展中国家跨国权益资本流动的影响——基于资产转换为资本的视角

The Influences of Institutional Quality and Financial Development on Multinational Equity Capital Flows in Developing Countries:a Perspective of Transferring Asset to Capital

文章利用30个发展中国家1996～2009年的面板数据模型实证分析了制度质量、金融发展对跨国权益资本流入和流出的影响。研究表明,制度质量对权益资本流入呈显著正向影响、对权益资本流出呈显著负向影响;金融发展水平的提高将促进跨国权益资本的流动。据此提出,发展中国家在发展本国金融市场的同时,应重视全面提升制度质量,通过健全产权制度、强化对投资者保护机制,确保合同执行的质量、提高司法体系的执法效率,以提高本国资产转换为资本的效率,促进经济发展。

Based on the panel data of 30 developing countries from 1996 to 2009,this paper shows that the influence of institutional quality on multinational equity capital inflows is significantly positive while negative on equality capital outflows.Improvement of financial development will facilitate equality capital flows.In the process of financial market development,it is more important to improve institutional quality,and enforce property rights,contracts and laws.So that the channel of asset transferring to capital is more effective,which boosts economic development greatly.