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文章编号：1672-3104(2016)06-0125-09
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跨境股权资本流动与金融稳定——基于发达国家和发展中国家的比较
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（湖南大学金融与统计学院，湖南长沙，410079）
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摘 要： 通过搜集整理2001—2014年39个国家的跨境股权资本流动数据，着重研究了跨境股权资本流动对不同发展程度国家金融稳定的影响。研究发现：总体上，大规模的跨境股权资本的流入对金融稳定的冲击相对流出更大；大规模的跨境股权资本流入、流出及其净值会显著削弱发展中国家的金融稳定性，而发达国家的金融稳定不受其影响。提出资本市场完全开放应与国内经济金融综合条件相适应、加强股权资本流动监管的建议。
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关键词： 跨境股权资本流动；金融稳定；外汇市场压力指数
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Cross-border equity capital flows and financial stability: Based on the comparison between developed countries and developing countries
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（School of Finance and Statistics, Hunan University, Changsha 410079, China）
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Abstract: The present study, by collecting data of cross-border equity capital flows from 39 countries in the years of 2001-2014, focuses on the impact of equity capital flows on financial stability. Findings show that on the whole, the impact of large-scale cross-border equity capital inflows on financial stability is relatively greater than outflows in aggregation, and that in developing countries, large-scale cross-border equity capital inflows, outflows and net worth significantly weaken financial stability, while in developed countries, financial stability is not affected. Therefore, the present essay recommends that completely-opening capital markets should be integrated with domestic economic and financial conditions and the supervision of cross-border equity capital flows should be strengthened.
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Key words: cross-border equity capital flows; financial stability; the foreign exchange market pressure index
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