金融学专业外文翻译------股市严重性讨论：股权市场现象_政府政策与金融全球化(编辑修改稿)

金融学专业外文翻译------股市严重性讨论：股权市场现象_政府政策与金融全球化(编辑修改稿)内容摘要：

capitalaccount liberalization are positively associated with equitymarket valuations, while real interest rates are negatively associated. We also find that investors are positively disposed toward equity markets in emergingmarket countries, and negatively disposed toward markets with high dividend payout ratios. Interestingly, many of the political and economic factors—including inflation, and fiscal policy—deemed highly salient to investors in other financial markets are not statistically associated with stockmarket valuations. These results are robust to the inclusion of a number of control variables, including capitalasset pricing model (CAPM) factors and alternative pricing model considerations. Note that the responses of investors to policies and institutions also have implications for future government policy choices. For instance, if a nation’s economy relies more heavily on FDI than on sovereign lending or bank financing, its government may face few pressures to reduce public spending. On the other hand, if a government relies heavily on the bond market to finance its expenditures, but has a relatively low level of stockmarket capitalization, it may face greater pressures for fiscal and moary tightening. And if a country relies on a varied menu of financial inflows, as most do, asset holders will express diverse preferences over public policy. Untangling the various financialmarket influences on government policy making is clearly a long term research project. This article, which focuses on the political determinants of equity investors’ behavior, plements similar analyses of sovereign bond markets and foreign direct investment. Once we understand how investors in each market react to government policies and institutions, we can then advance to a broader analysis of the impact of financial markets—along with domestic institutions, interest groups, and other factors—on government policy making and institutional design. Stockmarket performance is increasingly a target of analysis by political scientists, because equity investors may be highly sensitive to the effects of certain government policies and institutions on their investments. Equity investments are generally very liquid, and the time horizons of equity investors are often relatively short. As a result, changes in government policies can trigger a swift response by investors. Government policies that enhance investor confidence—either directly, by providing shareholder protections and ease of exit, or indirectly, by expanding the economy and improving corporate earnings—will be rewarded by higher stock prices and market valuations. On the other hand, investors can quickly withdraw their funds if。