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本文从多维度、跨国家、跨时期的角度分析了决定长期投资者发展的因素。全文包括从宏观经济、上市公司、资本市场和制度四个层面分别分析影响一国长期投资者发展的因素,并且以1995至2011年美国、日本、英国、法国、德国、韩国和中国台湾等七个国家和地区为研究对象,运用面板数据多元回归的方法剖析养老金和共同基金发展的影响因素。考虑到美国长期投资者发展历史悠久和数据可得,论文特别地利用了美国自1982以来的数据,对影响其养老金发展的因素进行了实证分析。
This article analyzes the factors that determine the long-term investor’s development from the perspectives of multi-dimensional, cross-national and inter-temporal. The full text includes the four factors that influence the long-term investor’s development in a country from four aspects: macroeconomy, listed company, capital market and system. And from 1995 to 2011, the United States, Japan, the United Kingdom, France, Germany, South Korea and China Taiwan Countries and regions as the research object, the use of panel data multiple regression analysis of pension and mutual fund development factors. Taking into account the long history of long-term investors in the United States and the availability of data, the paper makes special use of data from the United States since 1982 and makes empirical analysis of the factors that affect the development of its pensions.