Determinants of foreign direct and indirect investments from the institutional perspective
Determinants of foreign direct and indirect investments from the institutional perspective
复制标题
从制度角度看外国直接和间接投资的决定因素
DOI：
10.1108/ijoem-01-2018-0038
复制
发表时间：
2018
影响因子：
2.7
通讯作者：
Shaomin Li
中科院分区：
文献类型：
--
作者：
Liu Wang;Shaomin Li
目的
在对不平衡的全球化日益感到关切的情况下，人们重新有兴趣审查国际贸易和投资的格局，特别是新兴经济体与成熟经济体之间的贸易和投资格局。在这项研究中，本文的目的是研究不同的制度和市场相关的决定因素在塑造外国投资在新兴市场和发达市场的格局和模式的作用。
设计/方法/方式
实证调查基于2002年至2012年11年期间45个国家（28个发达国家和17个新兴经济体）的平衡小组样本。通过一系列多元回归分析，对外商投资的趋势和方式进行了评估，并进行了严格的稳健性检验。
结果
总体而言，作者发现，市场开放度和资本市场发展是发达国家吸引外国投资能力的主要决定因素，而治理环境是新兴市场的关键考虑因素。在对外投资方式上，作者发现，在发达市场中，外国投资者倾向于选择在市场更加开放的国家进行直接投资。然而，在新兴市场，直接和间接（证券组合）投资之间的选择主要是由套利活动驱动的，即投资者在股票市场被低估时选择证券组合投资。
实际影响
首先，研究结果可以帮助外国投资者根据治理环境、市场开放程度、资本市场发展和套利机会在新兴市场与成熟市场之间进行战略选择。其次，研究结果可用于帮助政府优先考虑市场开放、股票市场发展和旨在平衡不同投资渠道的政策等方面的制度改进。
社会影响
这项研究可能会增进社会对目前关于全球化赢家和输家的辩论的理解。成熟经济体的一个主要抱怨是，新兴经济体抢走了它们的工作，因此，它们应该采取保护主义（这意味着关闭自己的市场），以保住工作。研究表明，这种反应可能不符合成熟经济体的最佳利益，因为如果它们使市场更加开放，它们将能够吸引更多的外国投资（这意味着创造或至少保持更多的就业机会）。
独创性/价值
关于外国投资的现有研究主要集中于直接投资。该研究考察了直接和间接投资以及它们影响新兴和成熟经济体外国投资市场的方式。本文从制度的角度，说明了治理环境和市场因素如何影响外国投资者在直接投资和间接投资之间的战略选择，这取决于一国的经济和制度发展阶段。
Purpose
Amid the rising concerns about the unbalanced globalization, there has been a renewed interest in examining the pattern of international trade and investment, especially between emerging and mature economies. In this study, the purpose of this paper is to examine the role of different institutional and market-related determinants in shaping the pattern and mode of foreign investments in emerging and developed markets.
Design/methodology/approach
The empirical investigation is based on a balanced panel sample of 45 countries (28 developed countries and 17 emerging economies) over an 11-year period from 2002 to 2012. A series of multivariable regressions are conducted to evaluate both the trend and the mode of foreign investment with rigorous robustness checks.
Findings
Overall, the authors find that market openness and capital market development are the main determinants of a country’s ability to attract foreign investment in developed countries, while the governance environment is the key consideration in emerging markets. Regarding the mode of foreign investment, the authors find that, in developed markets, foreign investors tend to choose direct investment in the countries with more open markets. In emerging markets, however, the choice between direct and indirect (portfolio) investments is mainly driven by arbitrage activities, where investors opt for portfolio investment when the stock market is undervalued.
Practical implications
First, the findings may aid foreign investors in their strategic choice between emerging vs mature markets based on the governance environment, market openness, capital market development and arbitrage opportunities. Second, the findings may be used to aid governments in prioritizing institutional improvement in market openness, stock market development and policies aimed at balancing different investment channels.
Social implications
The study may enhance the social understanding on the current debate on the winners and losers of globalization. A main complaint from mature economies is that the emerging economies took their jobs away and, therefore, they should adopt protectionism (which implies closing their own markets) in order to preserve jobs. The study shows that such a reaction may not be in the best interests of the mature economies since they will be able to attract more foreign investment (which implies creating or at least keeping more jobs) if they make their markets more open.
Originality/value
Existing studies on foreign investment have primarily focused on direct investment. The study examines both the direct and indirect investments and the way in which they affect the foreign investment markets in emerging and mature economies. From the institutional perspective, the authors show how the governance environment and market factors affect foreign investors’ strategic choice between direct and indirect investment, contingent upon the stage of a country’s economic and institutional development.