文化多样性与股票市场繁荣——基于WVS数据的实证分析

Cultural Diversity and Stock Market Prosperity——An Empirical Analysis Based on WVS Data

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。

This paper presents a different view on whether culture would affect stock market prosperity. We construct a cultural diversity index based on WVS （World Value Survey） data and then investigate the relationship between cultural diversity and stock market prosperity. Our findings indicate that the cultural diversity could generally promote stock market prosperity. In addition, cultural diversity is a ＂Double-edged sword＂ to stock market prosperity： the effect varies from country to country. In particular, it is found that cuhural diversity has constructive effect on stock market prosperity in countries with high development level and high legal system quality, while in countries with low development level and low legal system quality the effect is destructive. Moreover, interaction effect is significant among cultural diversity, national development level and legal system quality.