制度质量、金融开放与国际资产组合投资

Institutional Quality,Financial Openness,and International Portfolio Investment

通过构建包含国际投资,制度质量和金融开放等因素的小型开放经济模型,基于2002~2014年间65个投资国和154个目的国之间的双边资产组合投资的跨国面板数据,将国际双边资产组合投资区分为股权和债权两种类型,运用Heckman两阶段选择模型分别考察了制度质量、金融开放及其交互作用对于股权和债权型资产组合投资的影响。研究发现,东道国和母国制度质量对于双边资产组合投资具有显著促进作用;股权资产组合投资发生的概率主要受到东道国金融开放度的影响,而债权资产组合投资发生的概率则同时受到母国和东道国金融开放度的影响;东道国制度质量和金融开放的交互作用对其发生概率和投资规模的影响都表现为相互促进;中国应在稳步推进资本账户开放的同时,不断改善国内的制度环境,以吸引国际资产组合投资。

This study first constructs a small open economy model considering factors such as international investment, institutional quality, and financial openness ,and then collects cross- border panel data of a bilateral investment portfolio of 65 investing countries and 154 destination countries from 2002 to 2014 ,which were separated into two groups based on the nature of the in- vestment （equity and debt）. The Heckman selection model was then employed to examine the impact of institutional quality, financial openness, and their interaction on the equity-and debt- type portfolio investments. This results show that that the institutional quality of the host and home countries could significantly facilitate bilateral portfolio investment. The host country＇s financial openness is the main factor affecting the probability of equity- type portfolio investments, while the financial openness of both the home and host countries mainly affects the probability of debt - type portfolio investments. The interaction between institutional quality and the host country＇s fi- nancial openness increases the likelihood and scale of bilateral portfolio investment. Therefore, this paper recommends that China continues to improve its domestic institutional environment while steadily promoting capital account liberalization to attract higher international portfolio in- vestment.