论文部分内容阅读
本文通过对2001~2011年19个母国(地区)在25个东道国(地区)证券组合投资的数据进行分析和检验,得出重要结论:金融摩擦的消除不仅可以直接减少信息不对称,而且可以作用于地理距离,反过来又间接减少金融摩擦。而且,信息摩擦越严重,发达金融市场通过作用于地理距离消除信息不对称的影响越明显。
In this paper, we analyze and test the data of 19 home countries (regions) in 25 host countries from 2001 to 2011 and come to the conclusion that the elimination of financial friction can not only directly reduce the information asymmetry, but also can act Geographical distances, in turn, indirectly reduce financial friction. Moreover, the more serious the information friction, the more obvious the influence of the developed financial market on eliminating the asymmetric information by acting on the geographic distance.