国际资本流动对我国资本市场的影响
发布时间：2018-08-07 07:04
【摘要】：国际资本流动是一种经济现象，它的运行规律反映了世界经济的发展态势。它的流向已成为世界经济运行状况的“晴雨表”。随着经济全球化趋势的加快，现在国际资本流动发生了许多新的变化，这些新变化给国际资本流动的重要场所一国际资本市场的格局带来了重大影响。对于我国而言，资本流动的不断深入，使得我国的资本市场越来越完善，已经成为世界上第四大资本市场，并且是全球资本最具吸引力的地方之一。我国的资本市场为经济的发展与改革注入了巨大活力，也为多渠道引进国际资本发挥着积极作用。然而国际资本的过度流动，也会对经济产生消极影响。比如说不良贷款引发的金融危机，经济过热化引发的经济泡沫。而且随着资本的全球化流动，使得金融危机不再局限于某一个国家，而会引发连锁反应，导致多个国家经济出现问题。本文主要分析国际资本流动对资本市场的影响，对今后我国资本市场的发展具有现实的意义。 本文研究国际资本流动对我国资本市场的影响，从两个方面进行阐述。一、国际直接投资对各个产业的影响。数据表明外商对我国制造业影响最大，占50%以上，其次影响较大的是我国房地产行业，占10%以上。二、国际资本流动对股票市场和债券市场的影响。通过建立VAR模型，得出国际资本流动与股票市场存在明显的正相关关系，其中国际直接投资对其贡献率为40%，国际间接投资贡献率为10%。股票市场更依赖于国际直接投资。国际资本流动与债券市场相关系数不明显，可以不作为考虑因素。 针对上述分析，我国应该控制国际资本流入制造业和房地产业的速度和规模，优化国内的投资环境，，提高国际资本流动的质量。建立风险评估体系，防范国际资本流动风险。加强资本市场的国际合作，推进我国市场的标准化进程，推动我国经济发展。
[Abstract]:International capital flow is an economic phenomenon, its operation law reflects the development trend of the world economy. Its flow has become a barometer of the state of the world economy. With the acceleration of the trend of economic globalization, many new changes have taken place in the international capital flow. These new changes have brought great influence to the pattern of the international capital market, which is the important place of the international capital flow. For our country, the capital market has become the fourth largest capital market in the world, and it is one of the most attractive places in the world. China's capital market has injected great vitality into the economic development and reform, and has also played an active role in the introduction of international capital through various channels. However, the excessive flow of international capital will also have a negative impact on the economy. For example, the financial crisis caused by non-performing loans, the economic bubble caused by economic overheating. And with the globalization of capital flow, the financial crisis is no longer confined to one country, but will trigger a chain reaction, leading to economic problems in many countries. This paper mainly analyzes the influence of international capital flow on capital market, which is of practical significance to the development of China's capital market in the future. This paper studies the influence of international capital flow on China's capital market and expounds it from two aspects. First, the impact of international direct investment on various industries. The data show that foreign investment has the greatest influence on our manufacturing industry, accounting for more than 50%, followed by the real estate industry in China, accounting for more than 10%. Second, the influence of international capital flow on stock market and bond market. By establishing VAR model, the positive correlation between international capital flow and stock market is obtained, in which the contribution rate of international direct investment to stock market is 40 and that of international indirect investment is 10. The stock market is more dependent on international direct investment. The correlation coefficient between international capital flow and bond market is not obvious and can not be considered as a factor. In view of the above analysis, China should control the speed and scale of international capital flowing into manufacturing and real estate industry, optimize the domestic investment environment and improve the quality of international capital flow. Establish a risk assessment system to guard against the risk of international capital flows. Strengthen the international cooperation of the capital market, promote the standardization process of our country's market, promote our country's economic development.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F831.7
[Abstract]:International capital flow is an economic phenomenon, its operation law reflects the development trend of the world economy. Its flow has become a barometer of the state of the world economy. With the acceleration of the trend of economic globalization, many new changes have taken place in the international capital flow. These new changes have brought great influence to the pattern of the international capital market, which is the important place of the international capital flow. For our country, the capital market has become the fourth largest capital market in the world, and it is one of the most attractive places in the world. China's capital market has injected great vitality into the economic development and reform, and has also played an active role in the introduction of international capital through various channels. However, the excessive flow of international capital will also have a negative impact on the economy. For example, the financial crisis caused by non-performing loans, the economic bubble caused by economic overheating. And with the globalization of capital flow, the financial crisis is no longer confined to one country, but will trigger a chain reaction, leading to economic problems in many countries. This paper mainly analyzes the influence of international capital flow on capital market, which is of practical significance to the development of China's capital market in the future. This paper studies the influence of international capital flow on China's capital market and expounds it from two aspects. First, the impact of international direct investment on various industries. The data show that foreign investment has the greatest influence on our manufacturing industry, accounting for more than 50%, followed by the real estate industry in China, accounting for more than 10%. Second, the influence of international capital flow on stock market and bond market. By establishing VAR model, the positive correlation between international capital flow and stock market is obtained, in which the contribution rate of international direct investment to stock market is 40 and that of international indirect investment is 10. The stock market is more dependent on international direct investment. The correlation coefficient between international capital flow and bond market is not obvious and can not be considered as a factor. In view of the above analysis, China should control the speed and scale of international capital flowing into manufacturing and real estate industry, optimize the domestic investment environment and improve the quality of international capital flow. Establish a risk assessment system to guard against the risk of international capital flows. Strengthen the international cooperation of the capital market, promote the standardization process of our country's market, promote our country's economic development.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F831.7
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