贸易战前后中美香港三地股市联动性研究  

The Co-movement of Chinese,American and HongKong Stock Markets before and after the Trade War

作　　者：刘惠惠 唐鹏鹏 LIU Hui-hui;TANG Peng-peng

机构地区：[1]黎明职业大学,福建泉州362000 [2]福建海峡银行,福建泉州362000

出　　处：《延安职业技术学院学报》2020年第4期39-43,共5页Journal of Yan’an Vocational & Technical College

摘　　要：在中国资本市场开放程度越来越高、国际形势越来越复杂的大背景下,选取沪深港通开通后的道琼斯指数、恒生指数和上证指数,并以贸易战开启那天作为分界点。对中美香港三地股市的联动性进行分段研究。结果表明:贸易战降低了全球主要资本市场的收益率水平。随着我国资本市场的逐渐对外开放,我国资本市场与国际主要资本市场关联性逐渐增强。无论是贸易战前还是贸易战后,我国股票市场都受到美国股票市场的影响,而反过来,中国股票市场的走向对美国股市影响不显著。在贸易战之前,我国股票市场与美国、中国香港股票市场存在着长期均衡关系,但贸易战打破了这一均衡关系。The study found that the trade war has lowered yields in major global capital markets.With the gradual opening of China's capital market to the outside world,the relationship between China's capital market and the major international capital markets is gradually strengthened.Both before and after the trade,our stock market was influenced by the American stock market.But the direction of the Chinese stock market has little effect on American stock market.Before the trade war,China's stock market had a long-term equilibrium relationship with the stock market of the United States and Hong Kong,but the trade war broke this equilibrium relationship.

关 键 词：股票市场联动性 相关性 深沪港通 贸易战 

分 类 号：F832.51[经济管理—金融学]