摘要
笔者借鉴国际贸易理论中的引力模型,考察了国际资本流动规模及其构成的决定因素。实证研究表明:金融发展对资本流动规模及其构成起着决定性作用,金融发展水平越高的国家,其资本流动规模越大,同时,权益投资在总投资中所占的比重较大,而债权投资在总投资中的比重较低。此外,虽然金融发展对各类资本流动均有着显著的正向促进作用,但其对不同类型的资本流动的作用大小是不同的,股权投资对金融发展最敏感,次之是FDI和债权投资。
The paper analyzes the size and the composition of international capital flows by gravity model. The empirical analysis shows that financial development plays an important role on the scale and the composition of international capital flows. With the improvement of financial development, the share of equity investment in the total investment is larger, and the share of bond investment is lower. In addition, the impact of financial development on different types of capital flows are different, with equity is most sensitive to financial development, followed by FDI, and then is bond investment.
出处
《经济经纬》
CSSCI
北大核心
2013年第5期155-160,共6页
Economic Survey
基金
中央高校基本科研业务费专项资金资助项目(NKZXB1214)
关键词
金融发展
国际资本流动结构
权益投资
债权投资
Financial Development
Composition of International Capital Flows
Equity Investment
Bond Investment
