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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。
The Influence of Innovation Investment Behavior on Cross-border Liquidity of Equity Capital under the Difference of Financial Development is the Micro-foundation for Studying the External Imbalance of Capital Market. On the one hand, the different degree of financial development leads to the difference of a country’s innovative investment behavior, which in turn leads to the cross-border flow of equity capital, and the equilibrium liquidity is related to the difference of financial development between the two countries; on the other hand, Linear effects, when its stock is high, has the role of promoting capital outflows, whereas on the other hand, it attracts capital inflows.