新兴市场国家对外投资影响因素研究
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摘要
选取39个新兴市场国家1995～2016年的数据作为样本,运用面板模型研究新兴市场国家对外投资影响因素。结果发现,新兴市场国家人均收入水平越高,对外投资越多;本币越是升值,对外投资越多;外汇储备越多,对外投资越多;收入分配差距越大,对外投资越多。对我国的启示是:随着我国人均收入水平提高,增加对外投资是经济发展的趋势;人民币升值也是我国对外投资爆发式增长的重要原因;我国较大的收入分配差距是我国对外投资增加的主要原因之一。
In recent years,the scale of foreign investment in emerging-market countries has gradually expanded,and it has become a force that cannot be ignored in cross-border investment.The annual data of39 emerging-market countries from 1995 to 2016 were selected as samples,and the panel data model was used to study the driving factors of foreign investment in emerging-market countries.The results show that the higher the per capita income level of emerging market countries,the more foreign investment;the more the local currency appreciates,the more foreign investment;the more international reserves,the more foreign investment;the greater the income distribution gap,the more foreign investment.The enlightenment to China is that with the increase of per capita income level in China,increasing foreign investment is the trend of economic development;the appreciation of RMB is also an important reason for the explosive growth of China's foreign investment;China's large income distribution gap is one of the main reasons for the increase of foreign investment in China.
In recent years,the scale of foreign investment in emerging-market countries has gradually expanded,and it has become a force that cannot be ignored in cross-border investment.The annual data of39 emerging-market countries from 1995 to 2016 were selected as samples,and the panel data model was used to study the driving factors of foreign investment in emerging-market countries.The results show that the higher the per capita income level of emerging market countries,the more foreign investment;the more the local currency appreciates,the more foreign investment;the more international reserves,the more foreign investment;the greater the income distribution gap,the more foreign investment.The enlightenment to China is that with the increase of per capita income level in China,increasing foreign investment is the trend of economic development;the appreciation of RMB is also an important reason for the explosive growth of China's foreign investment;China's large income distribution gap is one of the main reasons for the increase of foreign investment in China.
引文
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[19]郭丽.从资本和金融项目浅析我国对外投资状况[J].昆明理工大学学报(社会科学版),2008,8(4):89-93.
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[2]对外经济贸易大学出版社.博鳌亚洲论坛新兴经济体发展2009年度报告[M].北京:对外经济贸易大学出版社,2010.
[3]IMF.World Economic Outlook 2012[R].Washington D C:International Monetary Fund,2012.
[4]李政.新兴市场经济体的内涵、范围与国际地位[J].经济问题,2014,(1):12-18.
[5]Lu Zhou Ji.拉美普惠金融发展路径:推广微型金融服务[J].前沿,2016,(2):43-48.
[6]Yiu D W,Lau C,Bruton G D.International venturing by emerging economy firms:The effects of firm capabilities,home country networks,and corporate entrepreneurship[J].Journal of International Business Studies,2007,38(4):519-540.
[7]欧阳艳艳.亚洲新兴国家资本流出的特点、原因及影响[J].经济纵横,2008,(4):96-99.
[8]Liu X,Lu J,Chizema A.Top executive compensation,regional institutions and Chinese OFDI[J].Journal of World Business,2014,49(1):143-155.
[9]董华平,干杏娣.我国货币政策银行贷款渠道传导效率研究---基于银行业结构的古诺模型[J].金融研究,2015,(10):48-63.
[10]韩剑.垂直型和水平型对外直接投资的生产率门槛---基于中国企业层面微观数据的研究[J].中国经济问题,2015(3):38-50.
[11]许钢祥.中国企业对外投资的动因与序贯选择研究--基于制度同构的分析框架[D].杭州:浙江大学,2016.
[12]徐昱东.FDI、贸易开放与CO2排放:以山东省为例[J].科研管理,2016,37(8):76-84.
[13]沈勇涛,吴俊培.发达国家与发展中国家金融业对外投资的比较研究[J].河南社会科学,2017,(5):38-42.
[14]余壮雄,付利.中国企业对外投资的区位选择:制度障碍与先行贸易[J].国际贸易问题,2017,(11):115-126.
[15]刘昌黎.论日本的对外证券投资[J].日本问题,1986,(5):25-31.
[16]陈静.新兴证券市场开放风险及其防范制度研究[D].杭州:浙江大学,2004.
[17]陆岷峰,沈黎怡.期货公司风险管理现状、诱因与稀释策略[J].湖南财政经济学院学报,2017,(2):13-20.
[18]吕艳艳.对外证券投资的国别比较及借鉴[D].北京:北京大学,2008.
[19]郭丽.从资本和金融项目浅析我国对外投资状况[J].昆明理工大学学报(社会科学版),2008,8(4):89-93.
[20]王月.美国量化宽松货币政策对中美双边资本流动的影响[D].长春:吉林大学,2013.
[21]韩伟萍.中国金融机构对美证券投资研究[D].长春:吉林大学,2015.
[22]G Andrew Karolyi,David T Ng,Eswar S Prasad.The Coming Wave:Where Do Emerging Market Investors Put Their Money?[Z].NY:Social Science Electronic Publishing,2015.
[23]曾学文.国际公认的市场化指数度量方法[J].经济研究参考,2003,(87):36.