金融市场中存在金融分离吗?——来自外汇市场与中国股市及信贷市场的实证检验  

Does the Decoupling of Financial Sector Exist in Financial Market?

作　　者：沈军[1] 董艳军[2] 

机构地区：[1]暨南大学金融研究所,金融系510632 [2]暨南大学金融系,510632

出　　处：《上海经济研究》2011年第7期52-61,106,共11页Shanghai Journal of Economics

基　　金：国家社科基金重点项目(07AJY014);教育部人文社会科学基金项目(10YJA790157);暨南大学211三期科研项目(金融学)(2009007)的阶段性成果

摘　　要：金融部门与实体经济的关系一直是金融发展理论与虚拟经济研究的焦点问题,已有研究忽视了金融的独立性。本文运用"分离假说"的概念和分析模式,通过外汇市场与中国股市及信贷市场的实证检验,尝试性回答"金融市场中存在金融分离吗?"这一问题,对Menkhoff and Tolksdork(2001)的金融分离研究进行了新拓展。实证结果显示:外汇市场和股票市场出现了相当程度的金融分离,而信贷市场的金融分离则不显著。针对上述三个市场出现的不同情况,本文给出了相关的解释与政策建议。It＇s a heat question about the connection between the financial sector and the real economy in theory of the financial development and the virtual economy.However,existing research have neglected the independence of finance sector.After a empirical research from the foreign exchange market and Chinese stock market the credit market,the paper try to answer the question ＂Is there a decoupling of financial sector in Financial Market？＂.By using the ＂decoupling hypothesis＂ about the independent financial sector,the empirical research give a conclusion that the foreign exchange market and the stock market have a decoupling to some extent,but the credit market haven＇t.Finally,the paper gives some explains and presents some suggestion for the three different markets.

关 键 词：金融分离 外汇市场 股市 信贷市场 实证检验 

分 类 号：F830.9[经济管理—金融学]