对外直接投资对一国或地区资产价格的影响及渠道分析

Impact of OFDI on a Country or Region's Asset Prices and the Channel Analysis

本文利用26个发达经济体和15个新兴经济体2005—2018年的季度跨国面板数据,考察了对外直接投资对一国或地区资产价格的影响。研究发现,对外直接投资会对一国或地区的资产价格产生负向影响,并且不同经济体的对外直接投资对资产价格存在非对称性影响。新兴经济体的对外直接投资对资产价格的负向影响相对更大。进一步的渠道分析发现,无论是在发达经济体还是新兴经济体中,对外直接投资对一国或地区资产价格的影响均以直接渠道为主、间接渠道为辅。

Based on quarterly transnational panel data of 26 developed economies and 15 emerging ones from 2005 to 2018,this paper examines the impact of OFDI on asset prices of one country or region.It is found that OFDI has a negative impact on asset prices of a country or region,and the OFDI in different economies has an asymmetric impact on asset prices.OFDI of the emerging economies has greater negative impact on asset prices.Further channel analysis shows that the influence of OFDI on asset prices of a country or region is dominated by direct channel and supplemented by indirect channels in both developed and emerging economies.