心理距离与对外证券投资选择——基于跨国数据的经验研究

Psychic Distance and Foreign Portfolio Investment——An Empirical Research Based on Cross-Country Data

明晰对外证券投资选择的影响因素,不仅有助于投资者更好地进行对外证券投资,同时也有助于一国有效地吸引境外资本。在理论阐释心理距离对于对外证券投资选择影响机制的基础上,借助改进后的引力模型,运用国别数据实证检验心理距离及其各维度构成要素对于两类对外证券投资选择的影响。实证研究结果表明:心理距离或心理距离各构成要素对两类对外证券投资都具有显著的负向影响,且对于对外债券投资的负向影响强于对于对外股权投资的负向影响;同时,资金目标国的企业会计质量、金融服务效率、投资者保护力度等对两类证券对外证券投资则具有显著的正向影响。

Clarifying the factors affecting the choice of foreign portfolio investment will not only help investors to better invest in foreign securities,but also help a country to effectively attract foreign capital.Based on the theoretical explanation of the psychic distance affecting the choice of foreign portfolio investment,the improved gravity model of foreign portfolio investment and the application of cross-country data,the paper empirically examines the influence of psychic distance and its dimensions on the two types of foreign portfolio investment,namely,foreign equity investment and foreign bond investment.The empirical results show that psychic distance or psychic distance components have a significant negative impact on the two types of foreign portfolio investment.And the degree of negative impact on foreign bond investment is stronger than the negative impact on foreign equity investment.At the same time,the quality of accounting,the efficiency of financial services and the degree of investor protection have a significant positive impact on the two types of foreign portfolio investment.