金融发展门槛、R&D投资与资本国际流动

Financial Development Threshold,R&D Input and Capital Transnational Flows

本文运用世界73个经济体年度数据和分位数面板模型,探究金融发展门槛、R&D投资与经济体不同类型资本国际流动的影响关系,研究结果显示:(1)金融规模发展达到一定水平后对不同经济体金融资本流入存在显著促进影响。金融规模不足或过度不利于权益资本流出,只有规模适度才能有效促进权益资本流出,呈现倒U型门槛特征。信贷规模扩张对发展中经济体权益流出影响显著,股市规模对发达经济体影响更显著。(2)金融效率提升和功能改善能够显著促进经济体资本跨国流动,呈现J型特征。金融效率是跨越规模门槛影响资本跨国流动的重要途径。(3)R&D投资及其与金融发展的交叉项仅对发达经济体资本跨国流动产生显著影响,表明高效金融市场及金融工具创新过程中吸引资本流入的同时又能保证对外投资所有权和控制能力的掌握。我国优化资本国际流动的关键是在金融规模适度发展的基础上改善金融效率及提高经济体R&D投资水平。

Using the annual data of 73 economies and quantile dynamic panel, this paper explores the relationship among capital transna- tional flows, financial development threshold and R＆D investment. The findings are as follows ： （ 1 ） financial scale that reaches a critical value could promote financial capital inflows, the less or more in financial scale could be against the equity outflows, featuring an invert- ed U shape. The credit market is significant for equity outflows in developing countries and the stock market is significant for those in de- veloped countries. （2） the improvement in financial efficiency and function could promote capital flows, featuring a J shape. Financial efficiency is an important way of overcoming the influence of scale threshold. （3） R＆D investment and its cross term with financial de- velopment could only influence capital flows in developed countries, showing that a highly efficient financial market and financial instru- ment innovation could absorb the capital inflows and at the same time ensure the ownership and controlling right. The key of optimizing capital flows in China is to improve domestic financial efficiency and the level of R＆D investment.