国际资本流动结构变化对一国股票市场影响的研究

发布时间：2018-04-03 15:34

本文选题：国际资本流动　切入点：流向结构　出处：《湖南大学》2014年硕士论文

【摘要】：随着全球各国市场开放度的加深，国际资本流动的规模和结构产生了巨大变化，并且这些变化在货币国际化发展程度不同的国家产生的影响差异较大。近年来，对于国际资本流动结构的研究很多，而本文则主要探究国际资本流动的期限结构变化、流向结构变化，以及这两方面变化在货币国际化程度不同的国家和地区给股票市场带来的影响。期限结构变化主要表现为：长期国际资本逐渐被短期国际资本取代，二者期限结构日益模糊化，金融产品的创新使得长期资本转化为短期资本的现象普遍，与此同时，该变化带来的主要影响之一是使得股票市场的价格波动变大；国际资本流向结构的变化主要表现为：国际资本在一国直接投资的比重降低，间接投资比重上升，尤其是投向一国证券市场的国际资本上升，在此背景下，一国股票市场的规模日益扩大。鉴于国际资本流动结构变化对一国股票市场影响深远，处于资本市场逐渐开放的中国更加需要注重国际资本流动结构的变化及其对国内证券市场的影响。本文从国际资本的期限结构和流向结构变化入手，着重研究该变化对一国股票市场的影响。首先，本文从理论的角度，结合世界上典型国家的情况探究了国际资本流动结构变化中的流向结构、期限结构等其他变化的特征及原因，，并分析了国际资本流动结构变化对一国股票市场收益、波动以及投资主体和品种的影响。其次，从实证的角度，选取证券市场的子市场之一股票市场为研究对象，建立面板数据模型，探究了不同国家国际资本流向结构变化对股票市场规模的影响，同时，以日本和巴西为研究对象，探究了国际资本流动期限结构变化对股票市场价格波动的影响。得出国际资本流向结构和期限结构在货币国际化程度不同的国家对股市影响不同的结论。最后，基于理论和实证的分析，初步探究了近年来中国国际资本流动结构的变化特征及对我国股票市场的影响，进而为我国货币国际化的道路提出相关建议。
[Abstract]:With the global market openness deepening, the scale and structure of international capital flows has produced great changes, and these changes in the impact of currency internationalization development degree in different countries is different. In recent years, many researches for the structure of international capital flow, this paper mainly explores the changes of the term structure of international capital flow, flow changes in the structure, and the impact of changes in these two aspects to the stock market in the monetary internationalization of different countries and regions. The term structure changes are as follows: long term international capital is gradually replacing short-term international capital, the two term structure is fuzzy, the innovation of financial products to make long-term capital into short-term capital common. At the same time, one of the main effects of the change is that the market price fluctuations larger; international capital flow. The changes are as follows: the international capital in a country's direct investment to reduce the proportion, the proportion of indirect investment increased, especially in the securities market of international capital increase, in this context, a country's stock market is expanding. In view of the structure of international capital flow changes on a country's stock market has far-reaching influence, in the capital the market is gradually opening up the China should pay more attention to changes in the structure of international capital flow and its impact on the domestic securities market.
This article from the term structure and structure change of international capital flow, focuses on the impact of the change of a country's stock market. Firstly, this paper from the perspective of theory, combined with the typical countries of the world to explore the structure of international capital flow changes, characteristics and reasons of the term structure and other changes, and analysis of the structure of international capital flow changes on a country's stock market returns, volatility and investor and variety. Secondly, from the empirical perspective, the stock market market selects one of the securities market as the research object, established a panel data model to explore the impact of different countries, international capital flows to the structure change of the size of the stock market at the same time, Japan and Brazil as the research object, to explore the impact of international capital flow term structure change on price fluctuations in the stock market. The international capital flows. The structure and maturity structure in different degree of internationalization in different countries on the stock market influence conclusion. Finally, based on the theoretical and empirical analysis, the initial exploration of the recent changes in the characteristics of China structure of international capital flows and the stock market in China, and put forward relevant suggestions for monetary internationalization.

【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F831.51

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