跨境股权资本流动与金融稳定——基于发达国家和发展中国家的比较

Cross-border equity capital flows and financial stability:Based on the comparison between developed countries and developing countries

通过搜集整理2001—2014年39个国家的跨境股权资本流动数据,着重研究了跨境股权资本流动对不同发展程度国家金融稳定的影响。研究发现:总体上,大规模的跨境股权资本的流入对金融稳定的冲击相对流出更大;大规模的跨境股权资本流入、流出及其净值会显著削弱发展中国家的金融稳定性,而发达国家的金融稳定不受其影响。提出资本市场完全开放应与国内经济金融综合条件相适应、加强股权资本流动监管的建议。

The present study, by collecting data of cross-border equity capital flows from 39 countries in the years of2001-2014, focuses on the impact of equity capital flows on financial stability. Findings show that on the whole, theimpact of large-scale cross-border equity capital inflows on financial stability is relatively greater than outflows inaggregation, and that in developing countries, large-scale cross-border equity capital inflows, outflows and net worthsignificantly weaken financial stability, while in developed countries, financial stability is not affected. Therefore, thepresent essay recommends that completely-opening capital markets should be integrated with domestic economic andfinancial conditions and the supervision of cross-border equity capital flows should be strengthened.