产权制度对资本外逃的影响——基于跨国数据的实证分析

The Impact of Property Right Institution on Capital Flight: An Empirical Study Based on Multinational Data

中文关键词:  产权制度  资本外逃  知识产权指数  实物产权指数  法律和政治环境指数  经济发展水平

英文关键词:property right institution  capital flight  intellectual property right index (IPR)  physical property right index (PPR)  legal and political environment index (LP)  economic development level

中文摘要:

      资本外逃是制约一国经济发展的重要因素,减少资本外逃有利于宏观经济市场的稳定发展,而产权制度对资本外逃的影响不可忽视。将产权制度因素纳入随机效应模型,研究了产权制度对资本外逃的影响；考虑知识产权的内生性,应用二阶段最小二乘法深入挖掘了两者间的关系。对60个国家2006—2016年间的面板数据进行分析,研究表明:知识产权内生于一国的经济发展水平,经济发展水平对知识产权有显著的影响；在分类样本中,法律和政治环境指数同时对发达国家和发展中国家的资本外逃产生了不同程度的负向影响,知识产权指数同时对两者产生了不同程度的正向影响,而实物产权指数仅对发达国家的资本外逃产生显著的正向影响。综合研究结论,制定符合一国经济发展水平的知识产权和实物产权制度标准,完善产权实施的法律法规,维护政治环境的稳定是减少资本外逃的关键。

英文摘要:

      The capital flight is the important factor which restricts the economic development of a nation. Reducing the capital flight can promote the stable development of macroeconomic market. The impact of property right institution on capital flight cannot be ignored. The factor of property right institution is incorporated into the random effect model which is used to study the impact of property right institution on capital flight. Then, considering the endogeneity of intellectual property rights, the relationship is explored in depth between property right institution and capital flight with the two-stage least squares method. Based on the panel data analysis of 60 countries during the years from 2006 to 2016, the research shows that intellectual property right is endogenous from economic developmental level of a nation and economic developmental level has a significant impact on intellectual property right. In the classified samples, legal and political environment (LP) has different negative effects on capital flight in both developed and developing countries, intellectual property right (IPR) has different positive effects on them and physical property right (PPR) only has a positive effect on capital flight in the developed countries. To sum up the research conclusion, the key to reducing the capital flight is to set up the systems of intellectual property right and physical property right which can meet the economic developmental level of a nation, improve the laws and regulations of property rights, and maintain the stability of political environment.