FOREIGN PORTFOLIO INVESTMENT AND CAPITAL MARKET DEVELOPMENT IN NIGERIA

O. Mabinuori, B. Njogo, O. Jaiyeoba
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引用次数: 1

Abstract

The poor performance of Nigeria’s stock market is a source of concern and has generated contentious debates among the stakeholders in the Nigerian Stock Exchange Market (NSE). This study investigates the impact of foreign portfolio investment on the performance of the stock market in Nigeria for the period of 30years (1989-2018). Secondary and time-series data were used and the variables such as; stock market capitalization proxy for capital market performance, portfolio investment, exchange rate and inflation rate were sourced from the Central Bank of Nigeria (CBN) statistical bulletin, 2019 To avoid spurious results, unit-root test and regression analysis were used as the tools of data analysis. Findings show that all the predictors have no significant impact on stock market capitalization except the exchange rate that is statistically significant at 5% critical value. However, the f-statistic results (18.83660) indicate that the combine variables have a significant impact on stock market performance in Nigeria. It was therefore concluded that foreign portfolio investment if properly encouraged serve as a Potent variaable for enhancing the performance of the stock market in Nigeria. The study recommends that, there is a need for the government through the central bank of Nigeria to implement a policies that will increase the level and size of market capitalization in the capital market. Such an increase in the capital market will provide the necessary funds for investors for further investments thereby increasing productivity in Nigeria.
尼日利亚的外国证券投资和资本市场发展
尼日利亚股票市场表现不佳是一个令人担忧的问题,并在尼日利亚证券交易所市场(NSE)的利益相关者之间产生了有争议的辩论。本研究调查了外国证券投资对尼日利亚股票市场表现的影响,为期30年(1989-2018)。使用二次和时间序列数据,变量如;资本市场表现、证券投资、汇率和通货膨胀率的股票市值代理数据来源于尼日利亚中央银行(CBN)统计公报,2019年。为了避免虚假结果,数据分析工具采用单位根检验和回归分析。结果表明,除汇率在5%临界值下具有统计学显著性外,所有预测因子对股票市值均无显著影响。然而,f统计结果(18.83660)表明组合变量对尼日利亚股市表现有显著影响。因此,得出的结论是,如果适当鼓励外国证券投资,将成为提高尼日利亚股票市场业绩的有力变量。该研究建议,政府有必要通过尼日利亚中央银行实施一项政策,提高资本市场的市值水平和规模。资本市场的这种增加将为投资者进一步投资提供必要的资金,从而提高尼日利亚的生产力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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