心理距离与对外证券投资选择——基于跨国数据的经验研究

doi:10.15936/j.cnki.1008-3758.2018.04.005

东北大学学报（社会科学版） ›› 2018, Vol. 20 ›› Issue (4): 358-365.DOI: 10.15936/j.cnki.1008-3758.2018.04.005

心理距离与对外证券投资选择——基于跨国数据的经验研究

杨达，刘洪钟

(辽宁大学国际关系学院，辽宁沈阳110136)

收稿日期:2018-02-25 修回日期:2018-02-25 出版日期:2018-07-25 发布日期:2018-07-25
通讯作者: 杨达
作者简介:杨达(1984-)，女，辽宁沈阳人，辽宁大学讲师，博士后研究人员，主要从事世界经济学和中国宏观经济问题研究;刘洪钟(1970-)，男，湖北武汉人，辽宁大学教授，博士生导师，主要从事世界经济学和东亚问题研究。
基金资助:
国家社会科学基金青年资助项目(15CJY082)。

Psychic Distance and Foreign Portfolio Investment——An Empirical Research Based on Cross-Country Data

YANG Da， LIU Hong-zhong

(School of International Studies， Liaoning University， Shenyang 110136， China)

Received:2018-02-25 Revised:2018-02-25 Online:2018-07-25 Published:2018-07-25
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摘要/Abstract

摘要： 明晰对外证券投资选择的影响因素，不仅有助于投资者更好地进行对外证券投资，同时也有助于一国有效地吸引境外资本。在理论阐释心理距离对于对外证券投资选择影响机制的基础上，借助改进后的引力模型，运用国别数据实证检验心理距离及其各维度构成要素对于两类对外证券投资选择的影响。实证研究结果表明:心理距离或心理距离各构成要素对两类对外证券投资都具有显著的负向影响，且对于对外债券投资的负向影响强于对于对外股权投资的负向影响;同时，资金目标国的企业会计质量、金融服务效率、投资者保护力度等对两类证券对外证券投资则具有显著的正向影响。

关键词: 对外证券投资, 心理距离, 本土化偏差, 认知与决策偏好, 引力模型

Abstract: Clarifying the factors affecting the choice of foreign portfolio investment will not only help investors to better invest in foreign securities， but also help a country to effectively attract foreign capital.Based on the theoretical explanation of the psychic distance affecting the choice of foreign portfolio investment，the improved gravity model of foreign portfolio investment and the application of cross-country data， the paper empirically examines the influence of psychic distance and its dimensions on the two types of foreign portfolio investment， namely， foreign equity investment and foreign bond investment. The empirical results show that psychic distance or psychic distance components have a significant negative impact on the two types of foreign portfolio investment. And the degree of negative impact on foreign bond investment is stronger than the negative impact on foreign equity investment. At the same time， the quality of accounting， the efficiency of financial services and the degree of investor protection have a significant positive impact on the two types of foreign portfolio investment.

Key words: foreign portfolio investment, psychic distance, home bias, cognition and decision preference, gravity model

中图分类号:

F831

杨达，刘洪钟. 心理距离与对外证券投资选择——基于跨国数据的经验研究[J]. 东北大学学报（社会科学版）, 2018, 20(4): 358-365.

YANG Da， LIU Hong-zhong. Psychic Distance and Foreign Portfolio Investment——An Empirical Research Based on Cross-Country Data[J]. Journal of Northeastern University(Social Science), 2018, 20(4): 358-365.

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心理距离与对外证券投资选择——基于跨国数据的经验研究

Psychic Distance and Foreign Portfolio Investment——An Empirical Research Based on Cross-Country Data

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