财经理论与实践2016，Vol.37Issue(3)：30-34,5.
跨境资本流动结构变化对中国股票市场的冲击风险研究
Research of the Impact of Structure Changes of Cross-border Capital Flows on Domestic Stock Market
摘要
Abstract
With the rapid development of Shanghai Free Trade Zone,the scale of the offshore RMB market continues to grow.The degree of opening up of China's domestic market increases, and the cross-border flow of capital shows new structural features:the ratio of RMB flowing is increasing,and short-term capital begins to dominate the trend of cross-border capital flows;the domestic capital market has become an lucrative platform for cross-border capital flows.Under this influence,different industrial sectors of the domestic stock market present different fluctua-tion patterns.By selecting the representative index of currency,term,investment in cross-border flows of capital structure,the Shanghai Composite Index,and the Gem Index,based on the structure vector auto-regressive (SVAR)model for an empirical study,we conclude that the changes of currency structure make a more significant contribution to the domestic stock market. Finally,we propose policy recommendations to strengthen the macroeconomic regulation and su-pervision of the stock market.关键词
跨境资本流动/结构变化/股票市场Key words
Cross-border capital flows/Structure change/Stock market分类
管理科学引用本文复制引用
姚小义,吴思娴,肖帅..跨境资本流动结构变化对中国股票市场的冲击风险研究[J].财经理论与实践,2016,37(3):30-34,5.基金项目
国家社科基金项目(13BJY170) （13BJY170）
