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本文基于27个经济体2001～2009年的面板数据,分类探讨了法律范式的(de jure)金融开放度对发达经济体与新兴市场经济体权益类FPI的影响,同时分析了双边贸易、共同语言、金融发展、内部交易指数等因素的作用。研究结果表明,无论是发达经济体还是新兴市场经济体,权益类FPI随着资本流出国法律范式金融开放程度的提高而显著增加,流入国法律范式金融开放度的提高也会显著提升权益类FPI负债;信息摩擦会显著降低权益类FPI;金融发展水平的提高能够显著提升权益类FPI;作为投资国的新兴市场经济体的权益类FPI更依赖于双边贸易,而发达经济体权益类FPI受金融发展的影响更大。
Based on the panel data of 27 economies from 2001 to 2009, the dissertation explores the influence of the de jure financial openness on the FPIs of developed economies and emerging market economies, and analyzes the relationship between bilateral trade, common language , Financial development, internal trading index and other factors. The results show that in both developed and emerging market economies, the equity FPI increases significantly with the increase of the financial openness of the legal paradigm of capital outflows, and the increase of financial openness in the legal paradigm of importing countries also significantly enhances the equity FPI Liabilities; information friction will significantly reduce the equity FPI; the improvement of the level of financial development can significantly enhance the rights and interests of FPI; as an investor in emerging market economies, the rights and interests of FPI more dependent on bilateral trade, while developed economies, FPI by financial The impact of development is even greater.