地区间制度距离是否会对双边股权投资产生影响?:基于2003～2015年“地区对”数据的实证检验

Does the Institutional Distance between Countries Affect Bilateral Equity Investment? An Empirical Test based on Data of 46 countries in 2003～2015

文章在改进后的股权投资引力模型基础上,基于2003~2015年46个地区的两两"地区对"数据,检验了三类制度距离对双边股权投资的影响及差异,结果表明:第一,地区间制度距离对双边股权投资主要产生负影响,但仅有管制距离和规范距离对双边股权投资产生显著负效应,而认知距离的影响不稳健;第二,规范距离对双边股权投资的负影响显著大于管制距离的负影响。因此中国在未来资本市场逐步开放中应重视制度距离的作用,短期应与自身规范距离和管制距离差异较小的国家发展股权投资,长期则逐步缩小与美欧等国在规范与管制维度上的制度差异,稳定外来股权投资。

Based on the improved gravity model of equity investment,with " country pair" data of 46 countries in 2003 ~ 2015,this paper tests the effects of three types of institutional distance on equity investment. The empirical results show that : first,the institutional distance mainly has a negative impact on equity investment,but only the regulative distance and normative distance have a significant negative effect,while the negative effects of cognitive distance on investment are not robust; second,the negative impact of normative distance on investment is greater than the negative impact of regulative distance. Therefore,China should pay attention to the important role of institutional distance. In the short term,we should develop equity investment with the countries which have little difference in normative and regulative distance. And in the long term,we should focus on narrowing the normative and regulative differences with the United States and Europe in order to stabilize the inflow of foreign equity investment.