摘要
近年来,我国与海外金融市场联系不断加深,海外市场风险对我国权益市场的外溢冲击不断显现,通过基本面、流动性、行为金融等途径冲击我国权益市场。本文研究结果表明:海外市场风险通过流动性机制对我国权益市场冲击较大,基本面机制对我国权益市场的影响相对偏长期,而行为金融机制在短期会通过影响风险偏好和市场情绪来冲击权益市场。为防范海外市场风险对我国股市冲击,建议提升人民币国际化水平、健全跨境资本流动的宏观审慎管理、加强投资者教育、加速人民币资产纳入全球被动配置范畴。
In recent years,China’s ties with overseas financial markets have continued to deepen,and the spillover impact of overseas market risks on China’s equity market has continued to appear,impacting China’s equity market through fundamentals,liquidity,and behavioral finance.This paper shows that overseas market risks have a greater impact on China’s equity market through liquidity mechanisms,while fundamental mechanisms have a relatively long-term impact on China’s equity markets,and behavioral financial mechanisms will impact equity in the short term by affecting risk preferences and market sentiment market.In order to prevent overseas market risks from impacting China’s stock market,it is recommended to improve the level of RMB internationalization,improve macro-prudential management of cross-border capital flows,strengthen investor education,and accelerate the inclusion of RMB assets in the global passive allocation category.
作者
张浩
李超
Hao Zhang;Chao Li
出处
《金融发展》
2020年第2期51-56,共6页
Financial Development
