中小企业板与创业板间的风险溢出效应浅析  

Analysis of risk spillover effect between SME board and GEM

作　　者：张磊[1] 常茂祥 Zhang Lei;Chang Maoxiang(Nanjing University of Finance&Economics,Nanjing,Jiangsu,210023)

机构地区：[1]南京财经大学,江苏南京210023

出　　处：《市场周刊》2023年第4期30-33,共4页Market Weekly

基　　金：江苏省研究生科研与实践创新计划项目(项目编号:KYCX21_1434);南京财经大学教改课题(项目编号:JGY036)。

摘　　要：随着经济全球化的不断发展,我国股票市场各个板块之间的联系越来越紧密,联动性越来越强,各类风险在板块之间的传递速度也越来越快,而这些风险基本都是非正态和非对称的,它们之间的相关性也是非线性的。文章对我国中小企业板和创业板之间的风险溢出效应进行了研究,研究发现中小企业板和创业板之间存在较强的双向风险溢出效应,并据此提出相关政策建议,为监管者政策的制定提供了依据,也有助于投资者减少投资过程中的盲目决策行为。With the continuous development of economic globalization,various sectors of China's stock market are more and more closely linked,and the correlation is stronger and stronger.The transmission speed of all kinds of risks among sectors is also faster and faster.However,these risks are basically non-normal and asymmetric,and the correlation between them is nonlinear.This paper studies the risk spillover effect between small and medium enterprise(SME)board and growth enterprise market(GEM)in Chinese stock market and finds that there is a strong two-way risk spillover effect between them.This requires the supervision and control of all kinds of risks,the allocation of investment resources more effectively,and the promotion of the healthy and sustainable development of our stock market.

关 键 词：中小企业板 创业板 风险溢出效应 

分 类 号：F830.9[经济管理—金融学]