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作 者:于洋 高洪民[1] YU Yang;GAO Hong-min(Institute of World Economy,Shanghai Academy of Social Sciences,200020)
出 处:《上海经济研究》2025年第3期102-114,共13页Shanghai Journal of Economics
摘 要:统筹金融开放和安全是建设金融强国与实现经济高质量发展的基本前提,证券投资开放处于其中关键一环。本文基于国际视角,重点研究证券投资开放可能对国家技术创新水平产生的影响以及制度质量在其中发挥的调节效应。基于全球75个主要国家2001-2020年相关面板数据的实证结果表明,证券投资开放能够有效促进国家整体技术创新水平的提高,而较高水平的制度质量能够显著正向调节这种促进效果。异质性检验结果表明,制度质量的调节效果在国家收入水平、证券投资流向、证券投资类型三个方面存在差异。根据上述研究结论,本文最后提出针对中国扩大制度型证券投资开放的相关政策建议。Integrating financial openness and security is a basic prerequisite for building a financial powerhouse and realizing high-quality economic development,and the opening up of portfolio investment is a key part of this.Based on the international perspective,this paper focuses on the possible impact of portfolio investment liberalization on the level of national technological innovation and the moderating effect played by institutional quality.The empirical results based on the relevant panel data of 75 major countries in the world from 2001 to 2020 show that portfolio investment openness can effectively promote the improvement of the overall level of technological innovation in the country,and a higher level of institutional quality can significantly and positively regulate this promotion effect.The results of heterogeneity test show that the moderating effect of institutional quality varies in three aspects:national income level,portfolio investment flow,and portfolio investment type.Based on the above conclusions,this paper finally puts forward relevant policy recommendations for expanding the institutionalized liberalization of portfolio investment in China.
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