Financial Market Development and Capital Inflows in Nigeria: The Role of Stock Market Development

IF 0.7 Q4 BUSINESS, FINANCE

Journal of Investment Management Pub Date : 2015-10-16 DOI:10.11648/J.JIM.20150406.21

Nwosa Philip Ifeakachukwu

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引用次数: 4

Abstract

This study investigated the relationship between capital inflows and stock market development in Nigeria for the period spanning 1986 to 2013. Capital inflow was proxied by foreign direct investment and foreign portfolio investment while stock market development was proxied by market capitalization, turnover ratio and value traded ratio. The study employed error correction modelling techniques. From the regression estimate, it was shown that only market capitalization and value traded ratio had significant influence on foreign portfolio investment while none of the measures of stock market development significantly influenced foreign direct investment in the long run in Nigeria. The short run estimate showed that among the three measures of stock market development only market capitalization influenced both foreign direct investment and foreign portfolio investment while value traded ratio only had significant influenced on foreign direct investment in the short run. The study concluded that stock market development had not significantly promoted the inflows of foreign capital inflow in Nigeria.

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尼日利亚金融市场发展与资本流入:股票市场发展的作用

本研究调查了1986年至2013年期间尼日利亚资本流入与股票市场发展之间的关系。资本流入由外国直接投资和外国证券投资代表，股票市场发展由市值、换手率和交易价值率代表。该研究采用了误差校正建模技术。从回归估计中可以看出，只有市值和交易价值比对外国证券投资有显著影响，而股票市场发展的各项指标对尼日利亚的外国直接投资长期都没有显著影响。短期估计表明，在股票市场发展的三个指标中，只有市值对外国直接投资和外国证券投资都有影响，而价值交易比率仅在短期内对外国直接投资有显著影响。该研究的结论是，股票市场的发展并没有显著促进外资流入尼日利亚。

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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Journal of Investment Management BUSINESS, FINANCE-

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