• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Advances in Economics and Business >Capital Market Development and Foreign Portfolio Investment Inflow in Nigeria (1985-2016)
【24h】

Capital Market Development and Foreign Portfolio Investment Inflow in Nigeria (1985-2016)

机译：尼日利亚的资本市场发展与外国证券投资流入（1985-2016年）

获取原文
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Investment as a catalyst for economic growth and development is an important prerequisite for an economy to attain and sustain industrialization. However, most developing countries lack the sufficient domestic capital to achieve the required level of investment necessary for growth. Thus, foreign capital is necessary to facilitate the investment-growth process. To attract adequate foreign capital needed for investment, capital market has been identified as one of the veritable means through which foreign investment flows into an economy. Consequently, this study examined the effect of capital market development on foreign portfolio investment in Nigeria over the period 1985 to 2016. The study employed secondary data sourced from Central Bank of Nigeria Statistical Bulletin and publications of Nigeria Stock Exchange. In order to achieve the objective of the study, the researcher adopted Vector Error Correction Mechanism (VECM) to analyze the short run and long run dynamism of the variables while also focusing on the direction of causality between capital market development and foreign portfolio investment in Nigeria, using granger causality test. The Granger causality test revealed that there is no causality between capital market development and foreign portfolio investment in Nigeria. Result from the vector error correction model indicated that Market Capitalization (MCAP) has negative significant effect on foreign portfolio investment in Nigeria while All Share Index (ASI) has positive relationship with foreign portfolio investment. Therefore, the study concluded that capital market development has significant effect on foreign portfolio investment in Nigeria within the period examined. Based on the findings, the study recommended that government and capital market regulatory authorities should develop and enforce policies that will further propel capital market development in such a way that it will sustain its positive effect in attracting foreign portfolio into the Nigerian economy as well as stimulate improved interest of foreign investors in subscribing to portfolio investment in Nigerian enterprises.
机译：投资作为经济增长和发展的催化剂，是经济实现和维持工业化的重要前提。但是，大多数发展中国家缺乏足够的国内资本来实现增长所需的必要投资水平。因此，必须有外资才能促进投资增长过程。为了吸引投资所需的充足外国资本，资本市场已被确定为外国投资流入经济体的切实手段之一。因此，本研究调查了1985年至2016年期间资本市场发展对尼日利亚外国证券投资的影响。该研究采用了来自尼日利亚中央银行统计公报和尼日利亚证券交易所出版物的二级数据。为了达到研究的目的，研究人员采用向量误差校正机制（VECM）来分析变量的短期和长期动态性，同时重点研究了尼日利亚资本市场发展与外国证券投资之间因果关系的方向。 ，使用格兰杰因果关系检验。格兰杰因果关系检验表明，尼日利亚的资本市场发展与外国证券投资之间没有因果关系。向量误差校正模型的结果表明，市值（MCAP）对尼日利亚的外国证券投资具有负面显着影响，而全股指数（ASI）与外国证券投资则具有正相关关系。因此，研究得出的结论是，在审查期间内，资本市场发展对尼日利亚的外国证券投资有重大影响。根据调查结果，该研究建议政府和资本市场监管机构应制定和执行政策，以进一步推动资本市场发展，从而保持其在吸引外国投资组合到尼日利亚经济方面的积极作用，并刺激提高了外国投资者对尼日利亚企业进行证券投资的兴趣。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号