基于金砖国家数据的证券市场开放对资本成本影响的实证分析  

An Empirical Analysis of the Impact of Capital Market Liberalization on Capital Cost based on BRIC's Data

作　　者：蔡志刚[1,2] 孟宪强 

机构地区：[1]中国人民大学经济学院,北京100872 [2]西南大学计算机与信息科学学院,重庆400715 [3]鲁证期货有限公司,山东济南250001

出　　处：《上海金融》2013年第5期9-13,116,共5页Shanghai Finance

摘　　要：本文运用金砖国家的数据,考察了证券市场开放对金融市场风险的影响,间接地考察了证券市场开放对资本成本的影响。实证结果显示,长期来看,证券市场的开放会降低金融市场的波动率,从而降低资本成本。短期来看,证券市场的开放会增加金融市场的波动率,但巴西的成功经验值得中国借鉴。本文从资本成本、资本积累的角度为金融开放促进经济增长提供了部分的实证证据。The article uses BRIC's data to examine the impact of capital market liberalization on risks of financial market and indirectly examine the impact on capital cost.The results show that in the long term capital market liberalization can lower the volatility of financial market and reduce the capital cost.In the short term,the volatility of financial market will increase because of capital market liberalization.However,Brazil is an exception and worthwhile for China to learn.The article provides empirical evidence that financial liberalization could promote economic growth from the perspectives of capital cost and capital accumulation.

关 键 词：金砖国家 证券市场开放 市场波动率 资本成本 经济增长 

分 类 号：F830[经济管理—金融学]