北向资金波动对股市流动性的影响研究——基于投资者情绪视角分析  

Research on the Infl uence of Northbound Capital Fluctuation on Stock Market Liquidity——Analysis from the Perspective of Investor Sentiment

作　　者：刘宏立 LIU Hongli(School of Economics and Management,Hubei University of Technology,Wuhan,Hubei 430068)

机构地区：[1]湖北工业大学经济与管理学院,湖北武汉430068

出　　处：《中国商论》2024年第11期108-112,共5页China Journal of Commerce

摘　　要：资本市场流动性充足是支持实体经济高质量发展的基础。作为中国股市的重要资金来源,北向资金对于股票市场流动性的影响不容忽视,而投资者情绪在其中发挥着重要作用。本文采用2016—2023年沪深两市月度数据,对比有无投资者情绪变量时,北向资金流动对股市流动性的差异影响。研究发现:第一,北向资金流动增加会改善境内股市流动性;第二,投资者情绪越高涨,股市的流动性越强;第三,投资者情绪的存在使得北向资金对股市流动性的影响更为显著且持续时间更长。最后,文章提出了相关政策建议,以构建我国有效流动性的股票市场。Adequate liquidity in the capital market is the basis for better serving the high-quality development of the real economy.As an important capital in China’s stock market,the impact of northbound capital on the liquidity of the stock market cannot be ignored,and investor sentiment plays an important role in it.Based on the monthly data of Shanghai and Shenzhen stock markets from 2016 to 2023,this paper empirically compares the diff erentiated impact of northbound capital fl ows on stock market liquidity with or without investor sentiment variables.The fi ndings are as follows:First,the liquidity of domestic stock markets will be improved due to the increase in northbound capital fl ows.Second,the higher the investor sentiment,the stronger the liquidity of the stock market.Third,the existence of investor sentiment enables the northbound capital fl ow to have a more signifi cant impact on the liquidity of the stock market,and the impact lasts longer.Finally,this paper puts forward relevant policy suggestions,aiming to build an eff ective liquidity stock market in China.

关 键 词：北向资金 投资者情绪 股市流动性 跨境资金流动 股票市场 

分 类 号：F832.5[经济管理—金融学]