CAJ | 학술논문

采用间接法估算出2005年9月至2014年4月我国国际游资数额，并在此基础上实证分析股权分置改革实施后，我国国际游资流动与股市波动之间的关系。分析结果表明：我国股市波动与我国国际游资规模之间存在正向的关系，即我国股市繁荣，会引起大量国际游资流入；股市低迷，则会导致大量国际游资流出。
채용간접법고산출2005년9월지2014년4월아국국제유자수액，병재차기출상실증분석고권분치개혁실시후，아국국제유자류동여고시파동지간적관계。분석결과표명：아국고시파동여아국국제유자규모지간존재정향적관계，즉아국고시번영，회인기대량국제유자류입；고시저미，칙회도치대량국제유자류출。
Using the indirect method, this paper does estimate the China’s international hot money from September 2005 to April 2014. And then by processing the monthly date after reform of non-trad-able shares, this paper attempts to demonstrate the relationship between the international hot money and the stock market volatility. The Empirical Analysis result shows that there is positive correlation between them, which means if the Chinese stock market is boom, a large number of international hot money will inflow, and if not, a great deal of international hot money will outflow.