The neighborhood effects of provincial-level stock market participation in China
The neighborhood effects of provincial-level stock market participation in China
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DOI：
10.1016/j.physa.2018.06.032
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发表时间：
2018-11
期刊：
影响因子：
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通讯作者：
Zhifeng Liu;Tingting Zhang;Wenquan Li;Xiong Kuang
中科院分区：
文献类型：
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作者：
Zhifeng Liu;Tingting Zhang;Wenquan Li;Xiong Kuang
与以往的研究从微观角度出发不同，本文研究的核心问题是中国省级股市参与的邻里效应。通过选择两种不同的参与行为测度，我们发现中国存在着省际不平衡。利用空间面板数据模型，考察了相邻省份之间股市参与的空间溢出效应，发现相邻省份的股市参与行为会直接和间接地相互影响。研究发现：（1）人均GDP对股市参与有显著的正向影响;（2）人口净流入对股市参与有显著的负向影响。
In this paper, different from the previous studies starting from the micro perspective, we address the key question on the neighborhood effects of provincial-level stock market participation in China. By choosing two different measures of participation behaviors, we have found that there exists provincial imbalance in China. Further, by using the spatial panel data models, we investigate the spatial spillover effect of stock market participation between neighboring provinces, and find that participation behaviors of bordering provinces can affect each other directly and indirectly. We also consider some effects from the explanatory variables and find that, (1) per capita GDP has a significantly positive effect on stock market participation; (2) net population inflow has a significantly negative effect.