Page 107 - 201805

北京工商大学学报(社会科学版)摇 摇 摇 摇 2018 年摇 第 5 期

[12] SMARZYNSKA J B. Does foreign direct invest鄄 growth and intellectual property rights: a panel data study of
ment increase the productivity of domestic firms? In search of developed and developing countries[J]. Journal of Develop鄄
spillovers through backward linkages[J]. The American Eco鄄 ment Economics, 2005, 78(2): 529 - 547.
nomic Review, 2004, 94(3): 605 - 627. [19] 阳立高, 贺正楚, 柒江艺, 等. 发展中国家知
[13] 刘晶, 武娜. 中国对外直接投资区位选择——— 识产权保护, 人力资本与经济增长[ J]. 中国软科学,
基于知识产权保护差异的研究[J]. 经济问题探索, 2015 2013 (11): 123 - 138.
(5): 86 - 92. [20] PARK W G. International patent protection: 1960—
[14] KURUL Z, YALTA A Y. Relationship betweenin鄄 2005[J]. Research Policy, 2008, 37(4): 761 -766.
stitutional factors and FDI flows in developing countries: new [21] 杨海珍, 罗立永. 中国资本外逃影响因素的计
evidence from dynamic panel estimation [ J]. Economies, 量分析[J]. 数理统计与管理, 2002(11): 1 - 7.

2017, 5(2): 17 - 26. [22] BROWN B. Capital flight:the new palgrave dictiona鄄
[15] 陈培如, 冼国明, 马骆茹. 制度环境与中国对 ry of money and fiance[M]. New York: Stockton Press, 1992.
外直接投资———基于扩展边际的分析视角[J]. 世界经济 [23] 陈卫东, 王有鑫. 人民币贬值背景下中国跨境
研究, 2017 (2): 50 - 61. 资本流动: 渠道, 规模, 趋势及风险防范[J]. 国际金融
[16] 汪小勤, 陈俊. 我国资本外逃规模估算研究: 研究, 2016(4): 3 - 12.
1982—2011[J]. 经济学动态, 2013(6):87 - 93. [24] 张明. 中国面临的短期资本外流: 现状, 原因,
[17] 周媛, 孙利. 国际资本外逃影响因素解析—来 风险与对策[J]. 金融评论, 2015(3): 17 - 30.
自中国 1986—2013 年的经验证据[J]. 河海大学学报(哲 [25] 王华. 更严厉的知识产权保护制度有利于技术
学社会科学版), 2015(3): 58 - 64. 创新吗? [J]. 经济研究, 2011 (S2): 124 - 135.
[18] SCHNEIDER P H. International trade, economic

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

CAI Linghui & ZHU Yanfu
(Economics School, Zhongnan University of Economics and Law, Wuhan, Hubei 430073, China)

Abstract: The capital flight is the important factor which restricts the economic development of a nation. Reducing the cap鄄
ital 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 relation鄄
ship is explored in depth between property right institution and capital flight with the two鄄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 intellec鄄
tual 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.
Key Words: property right institution; capital flight; intellectual property right index (IPR); physical property right index
(PPR); legal and political environment index (LP); economic development level

(本文责编摇 王摇 轶)

· 1 0 2 ·