短期国际资本流动对股票价格的影响研究

Research on the Impact of Short-term International Capital Flows on Stock Price

本文通过构建跨国面板模型实证检验短期国际资本流动对股票市场的影响,并在此基础上进一步分析了资本账户开放对两者关系的影响。实证结果发现:短期国际资本流动对股票市场具有正向效应。对于发展中经济体而言,资本账户开放减少了短期国际资本流动的障碍,强化了短期国际资本流动对股票市场的影响;而对于发达经济体而言,由于成熟的金融市场和较为理性的投资者,资本账户开放反而削弱了短期国际资本流动对股票市场的影响。

This paper discusses the impact of short-term international capital flows on the stock market by constructing a multinational panel model, and further analyzes the role of capital account openness on the relationship. The empirical results show that short-term international capital flows have a positive effect on the stock market. For developing economies, capital account liberalization reduces barriers to short-term international capital flows and strengthens the impact of short-term international capital flows on the stock market;for developed economies, Because of mature financial markets and more rational investors, the opening of the capital account has weakened the impact of short-term international capital flows on the stock market.