Sophistication of the Financial Sector and Outward Direct Investment: an International Study
- 经济学院－已发表论文 
本文首先从理论上考察了金融发展对企业对外直接投资的影响。在此基础上,本文利用1970-2011年全球161个国家的数据,系统考察了金融发展对海外直接投资的影响。得到以下结论:从存量来看,金融发展显著促进了海外直接投资,但发达国家和发展中国家存在一些差异。如发达国家的金融市场效率高,反而降低了海外直接投资规模,但证券市场规模有助于海外直接投资,而发展中国家没有上述特征;从流量来看,金融发展深化和证券市场规模有助于海外直接投资,但发达国家和发展中国家也呈现较大差异;本文将一国的法律起源作为金融发展的工具变量,克服可能存在的内生性后,上述结论仍然稳健。In this paper, we analyze the relationship between the level of development of the financial sector and private- sector ODI from a theoretical perspective. Using data from 1970 to 2011 from 161 countries, we find several results. First, a higher level of financial development noticeably increases ODI, but there are differences between developed and developing countries. For example,the financial markets in developed countries are more efficient, which actually decreases ODI. But a larger bond market increases ODI. Secondly, the broadening and growth in the stability of the financial markets and larger bond markets increase ODI, but there are, again, differences between developed and developing countries. Finally, we use the origin of the laws of a country as the instrumental variable for its financial development. When controlled for potential endogeneity,our results are still robust.