中国证券市场开放与金融稳定  

Opening of Chinese Securities Market and Financial Stability

作　　者：宁特林[1] 谢朝阳[2] 

机构地区：[1]中央财经大学,北京100081 [2]北方工业大学,北京100144

出　　处：《经济问题》2017年第10期33-38,共6页On Economic Problems

基　　金：北方工业大学优势学科建设专项基金项目(XN058)

摘　　要：中国证券市场开放较晚,较之发达国家,中国的初始经济条件、金融发展程度、制度质量、监管完善程度等都存在差距,因此中国证券市场开放一定要谨慎推进、方法得当。建立VAR模型,使用中国1982-2016年期间经济数据来研究中国证券市场开放与金融稳定的关系。实证分析发现,中国股票市场或债券市场单独开放对金融稳定影响为负面,但是中国证券市场整体开放有助于促进金融稳定。The opening of securities market is an important part of opening and liberalization of a country. There is gap in economy and financial system stability and system initial conditions between China and developed countries,so we must be careful to promote the opening of securities market,promote proper methods. Through the establishment of VAR model,this paper empirically analyzes the relationship between China’s securities market opening and financial stability. The empirical analysis shows that China’s stock market and bond market are open alone,which has a negative impact on financial stability,but the overall opening of China’s securities market helps to promote China’s financial stability.

关 键 词：证券市场开放 金融稳定 VAR模型 

分 类 号：F831.5[经济管理—金融学]