国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2015年
6期
85~96
,共null页
中国金融自由化 贸易强度 股票市场联动
中國金融自由化 貿易彊度 股票市場聯動
중국금융자유화 무역강도 고표시장련동
China＇s Financial Liberalization; Trade Intensity; Stock Market Co-movement
本文从金融自由化、贸易强度、市场传染等理论角度分析了股票市场联动性的内在机制。并进行了实证检验。结果表明，中国金融自由化不是中美股市联动的原因，反而还具有微弱的抑制作用；贸易强度是中美股市联动的主要因素；随着贸易强度的不断增加．中美股市从过去的“彼此独立”阶段过渡到近几年的“相互依存”阶段，或许正是由于中国金融自由化微弱的阻碍作用。使得中美股市的联动性还处于相对较低的正相依水平。
本文從金融自由化、貿易彊度、市場傳染等理論角度分析瞭股票市場聯動性的內在機製。併進行瞭實證檢驗。結果錶明，中國金融自由化不是中美股市聯動的原因，反而還具有微弱的抑製作用；貿易彊度是中美股市聯動的主要因素；隨著貿易彊度的不斷增加．中美股市從過去的“彼此獨立”階段過渡到近幾年的“相互依存”階段，或許正是由于中國金融自由化微弱的阻礙作用。使得中美股市的聯動性還處于相對較低的正相依水平。
본문종금융자유화、무역강도、시장전염등이론각도분석료고표시장련동성적내재궤제。병진행료실증검험。결과표명，중국금융자유화불시중미고시련동적원인，반이환구유미약적억제작용；무역강도시중미고시련동적주요인소；수착무역강도적불단증가．중미고시종과거적“피차독립”계단과도도근궤년적“상호의존”계단，혹허정시유우중국금융자유화미약적조애작용。사득중미고시적련동성환처우상대교저적정상의수평。
This paper investigated the co-movement of stock markets through a comprehensive discussion of the effectfrom financial liberalization, trade intensity and market contagion. The results show that trade intensity is the maindeterminant of the co-movement between China and the U.S, while the financial liberalization, surprisingly, exhibits aninsignificant negative effect to the correlation. Further, with the increase of the trade intensity between China and the U.S,there is an increasingly strong correlation between the two stock markets. Nevertheless, the dependence between these twomarkets is low, which might be caused by the negative effect from the financial liberalization.
