新常态下中美股市联动性分析

The Analysis of stock market between China and the U.S.under the new normal economy

在全球化的背景下,国与国之间贸易趋于自由化,生产国际化、资本的跨市场套利以及投资者的预期等因素使得各国股市,尤其是发达国家之间的股票市场出现一定程度的同涨同跌现象,并趋于一种长期稳定的均衡状态。中国作为一个新兴经济体,其人口之多,经济发展之快,加之中国资本市场也在政府的努力下不断加大开放程度,在中国经济不断引起全球关注的历史时刻,对于中国、美国这当今世界上的两大经济体,二者处于什么样的关系中,以及当美国股市发生变动时对中国股市的影响几何,已引起投资者们的关注。

In the process of globalization, the trend of global stock market, typically between the developed countries＇, presents a certain degree of correlation because of the liberalization of international trade, the globalization of production, cross-market arbitrage and the consistency of expectation from international investors.China, as an emerging economy, with the largest population, the rapid development, and the open process of its capital market under the helping of its government, is now getting more attention around the world.Thus, what is the relation between Chinese stock market and American stock market, do they have a co-movement effect？ Or do this co-movement has one leading market control another or they have an impact with each other.