腐败环境、腐败距离对主权财富基金投资决策的影响研究

Research on the Influence of Corruption Environment and Corruption Distance on Investment Decisions of Sovereign Wealth Funds

文章在综合考察腐败对国际投资影响机制的基础上,基于1974—2017年全球主权财富基金(Sovereign Wealth Funds,SWFs)的投资数据,分析了东道国腐败环境、两国间腐败距离对SWFs投资决策的影响。结果表明,在腐败程度更高的东道国,SWFs投资意愿和投资额都更低;当东道国比母国更清廉时,腐败距离越大,SWFs投资额越小;但是,与其他投资者不一致的是,当东道国比母国更腐败时,腐败距离越大,SWFs投资额越大。这一结果肯定了SWFs在国际资本市场中的积极作用,SWFs对腐败的投资环境具有一定的适应能力,即在一定程度上可以缓解因腐败而导致投资环境恶化的国家所面临的资本缺乏问题。

Based on the research of the impact mechanism of corruption on international investment,this paper uses investment data of global Sovereign Wealth Funds(SWFs)from 1974 to 2017 to analyze the impact of the host country’s corruption environment as well as the corruption distance between the two countries on the investment decision-making of SWFs.The results show that in the host country with a higher level of corruption,SWFs has lower investment willingness and investment amount.At the same time,when the home country is more corrupt than the host country,the greater the corruption distance,the smaller the SWFs investment.However,unlike other investors,when the host country is more corrupt than the home country,the greater the corruption distance,the greater the SWFs investment.This result affirms the positive role of SWFs in the international capital market,precisely because SWFs has a certain adaptability to the corrupt investment environment.To a certain extent,it can alleviate the problem of capital shortage faced by countries with deteriorating investment environment caused by corruption.