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运用65个国家2001～2009年的国际证券投资数据,通过Probit模型及引力模型考察了制度差距对各国证券投资决策及投资规模的影响。实证研究发现:各国的对外证券投资存在门槛效应,只有当东道国的制度水平与其相近到一定程度之后,投资国才会对其进行投资;制度差距越大的国家之间的证券投资发生概率越小,而对于选择进行证券投资的国家来说,制度差距对其投资规模也有着显著的抑制作用,一系列的稳健性检验也表明制度差距对国际证券投资的作用是稳健的。
Using the international securities investment data of 65 countries from 2001 to 2009, this paper examines the impact of the institutional gap on the securities investment decisions and the investment scale of all countries through the Probit model and the gravity model. Empirical study finds that there exists a threshold effect on the foreign securities investment in all countries. Only when the host country’s institutional level is close to a certain level, will the investment country invest in it; the smaller the probability of securities investment among countries with more institutional differences, , While for the countries that choose to invest in securities, the system gap also has a significant inhibitory effect on the scale of its investment. A series of robust tests also show that the institutional gap has a strong effect on international securities investment.