What drives capital flows? The case of cross-border M&A activity and financial deepening
What drives capital flows? The case of cross-border M&A activity and financial deepening
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DOI：
10.1016/j.jinteco.2003.11.007
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发表时间：
2005-01-01
影响因子：
3.3
通讯作者：
di Giovanni, J
中科院分区：
文献类型：
--
作者：
di Giovanni, J
宏观经济和金融变量在企业对外直接投资（FDI）决策中起什么关键作用？本文使用1990-1999年期间跨境并购交易的大型面板数据集来解决这个问题。各种计量经济学规范都是围绕着贸易文献中常用的简单“引力模型”建立起来的。有趣的是，财务变量和其他制度因素似乎在并购流动中起着重要作用。特别是，金融市场的规模，以股票市值占GDP的比例衡量，与国内企业投资海外有很强的正相关关系。这一结果表明，在20世纪90年代经济繁荣时期，国内金融状况对刺激国际投资的重要性，并与近年来跨境并购的显著下降相一致。(C) 2004 Elsevier B.V.版权所有
What key roles do macroeconomic and financial variables play in the foreign direct investment (FDI) decision of firms? This question is addressed in this paper using a large panel data set of cross-border Merger & Acquisition (M&A) deals for the period 1990-1999. Various econometric specifications are built around the simple "gravity model" commonly used in the trade literature. Interestingly, financial variables and other institutional factors seem to play a significant role in M&A flows. In particular, the size of financial markets, as measured by the stock market capitalization to GDP ratio, has a strong positive association with domestic firms investing abroad. This result points to the importance of domestic financial conditions in stimulating international investment during the boom years of 1990s, and accords with the significant drop in cross-border M&As in recent years. (C) 2004 Elsevier B.V. All rights reserved.