金融发展差异下创新投资行为对权益资本的跨国流动影响是研究资本市场外部失衡的微观基础。一方面金融发展程度的不同导致一国创新投资行为产生差异性,进而引致权益资本的跨国流动,并且均衡流动量与两国金融发展差异相关;另一方面,创新投资对权益资本的流动具有非线性影响,当其存量较高时具有促进资本流出的作用,反之则具有吸引资本流入。
Under the condition of difference of financial development,the effect of innovation of investment behavior on transnational flow of equity capital is the micro basis for the research of external imbalance of capital market.On one hand,the difference of financial development level can create the difference of innovation of investment behavior,and further create the cross-border flow of equity capital,and balanced flow has a relationship with financial development difference of both countries.On the other hand,innovation investment has a nonlinear effect on the equity capital flow,and when its stock is higher,it has an effect on the promotion of capital outflow,and otherwise attracts the inflow of capital.