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首页> 外文期刊>International journal of finance & economics >Impact of Domestic Investor Protection on Foreign Investment Decisions: Evidence from Bond Markets
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Impact of Domestic Investor Protection on Foreign Investment Decisions: Evidence from Bond Markets

机译：国内投资者保护对外国投资决定的影响：来自债券市场的证据

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摘要

This study explores the relationship between domestic creditor protection and foreign investment decisions in bond markets. It also investigates how the difference between domestic and foreign creditor protections affects the foreign investment. The impact of domestic creditor protection on cross-border investment in bonds is twofold. A high level of domestic creditor protection increases international diversification. At the same time, an efficient protection of creditor rights at home reduces the sensitivity of foreign investment to foreign creditor protection. These results hold most strongly for investing countries with high levels of domestic creditor protection. In addition, this study shows that the difference between domestic and foreign creditor protections matters for investment decisions: if domestic creditor protection is more efficient than foreign creditor protection, the sensitivity of foreign investment to foreign (domestic) creditor protection decreases (increases). Copyright (c) 2016 John Wiley & Sons, Ltd.
机译：本研究探讨了债券市场中国内债权人保护与外国投资决定之间的关系。它还研究了国内外债权人保护之间的差异如何影响外国投资。国内债权人保护对债券跨境投资的影响是双重的。高水平的国内债权人保护增加了国际多元化。同时，对国内债权的有效保护降低了外国投资对外国债权人保护的敏感性。这些结果对于拥有较高国内债权人保护水平的投资国最为重要。此外，这项研究表明，国内债权人保护与外国债权人保护之间的差异对投资决策很重要：如果国内债权人保护比外国债权人保护更有效率，外国投资对外国（国内）债权人保护的敏感性就会降低（提高）。版权所有（c）2016 John Wiley＆Sons，Ltd.

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