中文摘要：

本文研究了29个国家的银行在全球范围内的股票投资配置，发现存在很明显的投资偏向。研究中采用了7类变量共25个子变量对投资偏向进行解释，使用两种方法进行经验分析，第一种借鉴Kalok Chan，Vicentiu Coverig，Lilian Ng等人的方法将7类变量逐一与投资偏向回归，发现股票市场发展变量对国内投资偏向解释最显著，投资保护、全球化变量次之。而股票市场投资回报对外国投资偏向（该经济体对于外部投资者的吸引力）解释最显著，股票市场发展、资本控制、全球化等变量次之。另一种方法是笔者提出的因子回归分析法，将25个子变量进行因子分析，形成了反映一个国家经济水平与经济制度、全球化等7个突出的公共因子。将这7个公共因子与投资偏向回归，发现经济水平和经济制度因子以及股票市场因子对国内投资偏向具有明显的影响，而经济水平和经济制度因子、全球化因子以及熟悉程度因子对其外国投资偏向具有明显影响。

英文摘要：

The paper examines the stock investment allocation of banks around the world from 29 countries and find obvious investment bias phenomenon. Seven kinds of variables are designed to explain the investment bias phenomenon, and the two different methods are used in the empirical research. The first way is to regress the investment bias against the 7 kinds of variable one by one, the result shows that the stock market development variable has the most significant effect on the home bias, also do the investment protectiofa and globalization variables. However, the stock market investment return variable have the most significant effect on the foreign bias, and then the stock market development, the capital control, and globalization variables have also impact to some extent. In the above analysis, the bootstrap is employed to fulfill the robustness test. For more powerful evidence, we put forward a new method, which is combined factor analysis with regression. The empirical results indicate there are 7 common factors, and also conclude that economic level and the economic system fac- tor, the stock market factor have effect on the home bias, while the economic level and economic system factor, the globalization factor and the familiarity factor have effect on the foreign bias.