Research On The International Linkage Of Chinese Stock Market Under The Structure Of "Center-Periphery"

With the deepening of economic globalization,the international economic situation keeps fluctuating,and populism rises in some places.Monetary policy scatters continuously in major economies,while the co-movement of international stock market is increasing.In China,financial liberalization and capital market openness have increased greatly,and has begun to deepen its supply side reform,both economic uncertainty and financial risk having increased.As of 2016,China's stock market in the global stock market value accounted for 16%of the scale,beyond the whole European stock market.However,the Chinese stock market is "large but not strong",its volatility spillover is insufficient in other economies.In this case,the study of co-movement of international stock market has important practical significance on improving China's capital market,bring financial risk under control.Based on empirical study,this paper chooses 40 major stock index daily closing price,establishes the correlation coefficient yield complex network,uses various methods and theories to study the co-movement of international stock market,and to verify the "core-periphery structure" of the international stock market from different angles and the world situation of current stock market,to explore the linkage effect and development trend of Chinese stock market and the developed stock market,and on which to discuss the influence of the supply side reform and the "One Belt and One Road" and other macro-control on the Chinese stock market.This paper analyzes the internal mechanism of the interlocking effect of China's stock market based on the"center-periphery" structure of the stock market,based on three theoretical perspectives,which are driven by fundamentals,financial market contagion and connected effect created by the reform of supervision system,focusing on clarifying the factors influencing the co-movement of China's stock market,deeply examining the linkage among the international stock markets and its internal mechanism,to make further exploration on the linkage among the international stock markets,as well as the integration process and risk transmission paths of internationalization of the domestic stock market.Main research contents including:(A)The international core stock market has a one-way spillover and contagion effects on the peripheral markets.Main performance includes:(1)the co-movement of the main stock index on yield and volatility has gradually increased,there is a clear geographical aggregation effect on the main stock co-movement.(2)Before the financial crisis,France,UK,Netherlands,Hong Kong,Australia,the United States,Canada were central nodes;during the crisis,France,Mexico and Japan became central nodes;after the crisis,as shown,France,the United States and Hong Kong became centers Node,while China,Turkey,Ireland,India,Chile,Peru and other countries have been in the fringe node.(3)The United States,Hong Kong and France are the central nodes of the Americas,Asia-Pacific and EMEA,and have a greater influence on the relative regions respectively,all of them are overflowing state of stock co-movement volatility.(B)China's stock market turned from the state of fragmentation to "periphery".It is found that China's stock market is not affected or influenced.However,with the rise of China's economic internationalization and gradual open of the capital market,and the influence of financial market contagion,market integration and technological progress,the Chinese stock market entered into the periphery in the 2008 financial crisis,began to be affected by stock markets of other countries,and the impact deepened gradually,but the volatility of China's stock market has almost no impact on the central countries.With the continuous advancement of the RMB internationalization and "One Belt and One Road",demand for RMB in the neighboring countries is growing and the influence of the RMB in the region has been raised,the co-movement of stock market between China and the neighboring countries gradually increased.(C)The factors impacting China's stock market co-movement are various.Considering the influence of financial integration,trade linkage,exchange rate fluctuation,economic cycle coordination and financial crisis on the co-movement of international stock market yield rate,the panel regression model is established.China's financial market to curb the impact of the capital market,the RMB passively depending on foreign capital,international trade is highly substitutable,the lack of international market pricing and the lack of international influence of Chinese culture are the main reasons of lacking influence of Chinese stock market.