The Emergence of Equity Investment in Developing Countries: Overview
概述了近年来流入发展中国家的股权投资大幅增加的现象，分析了其风险分担、资源动员等益处，以及市场整合对资本成本的影响，并探讨了进一步扩大流动的障碍。
Equity flows to developing countries have increased sharply in recent years. Foreign equity investment can be beneficial to developing countries because of its rtsk-sharing characteristics and effects on resource mobilization and allocation. Empirical evtdence shows that the stock markets of developing countries have become more, although not fully, integrated with world financial markets, and this increased integration implies a lower risk-adjusted cost of capital. Constraints to further increasing the flows and expanding the benefits are macroinstability, poorly functioning stock markets, and insufficiently openfinancial markets. Empirical evidence does not support the view that equity flows are more volatile than other types of capitalflows or that equity flows have a negative impact on the volatility of stock prices. World financial markets in recent years have been characterized by trends to-ward increased integration, securitization, and liberalization. Financial markets today show a much higher degree of integration, with large amounts of capital flowing across borders to take advantage of the slightest perceived financial or diversification benefit. Gross capital flows among industrial countries are also