Research On The Linkage Between Domestic And International Stock Market

At present,with the implementation of the market economy so that China’s financial market market supply and demand and pricing mechanism to become the main tone makes the degree of liberalization of financial markets continue to increase,China and the global economic and financial markets tend to integrate,leading to the current financial market open The degree of sexuality continues to deepen.The global financial market co-development of mutual integration,mutual infiltration to financial globalization,the trend of deepening,making the economic cooperation between countries continue to increase and thus make a strong dependence between the various subjects,while the stock market as a reflection The barometer of the operation of the listed companies and the market feedback in the real economy guides investors’ investment behavior and makes the linkage of the stock market more and more strong.From 1970 onwards,a large number of research literature in the academic world to verify the linkage between the phenomenon of the market,with the stock market linkage of the increasingly obvious,different countries from different perspectives on the stock market linkage between the mechanism To explore to verify the linkage phenomenon,have been very meaningful conclusions.And because of China’s own reasons,making its economic construction from the planned economy to the market economy in the process of modernization in modern times can be achieved also led to China’s stock market started relatively late.From the stock market situation,compared to other developed countries,the stock market has experienced long-term development,the stock market laws and regulations are more comprehensive,China’s stock market in this contrast is still in the early stages of development and thus lead to its own Relatively closed,laws and regulations are not perfect,which is affected by other stock market is not obvious reasons.For this reason,due to the lack of data and lack of knowledge and other reasons led to China’s stock market-related research is still in its infancy,making China’s stock market and other major stock market research between the academic community in China is still relatively scarce The Now,with the continuous development of China’s stock market and a series of reform measures in the past few years and the opening of the Shanghai-Hong Kong at the end of 2014,opened a new and other international stock market connected to the door and then make China’s stock market and The international stock market is becoming more and more close to each other so that China’s stock market opening up further deepen,which also allows our stock market benefit from this and other stock market linkage between the increasingly obvious.This article mainly from three aspects of research: First,after experiencing the development in recent years after China and other countries and regions will have a linkage between the stock market,or whether the linkage is strengthened;second,what Leading to the linkage between China and other countries and regions of the stock market,that is,the study of selected samples of China’s stock market and the stock market linkage between the mechanism;Third,in November 2014,China’s Shanghai and Hong Kong opened After that,the linkage between China’s stock market and the international stock market is strengthened by comparing the changes of the linkage before and after the opening.This article discusses from these three aspects.This paper begins with the theoretical research and the corresponding research based on the data in the selected samples.The second part is about the linkage between China’s stock market and other major stock markets in other countries and regions.The second part is about the linkage between China’s stock market and other major countries and regions.To carry out empirical analysis.Through the shallow and deep method to gradually analyze the factors that affect the linkage of the stock market in the sample and then examine the existence of mutual influence between the stock market and other stock markets.The third part is the macroeconomic news and the Shanghai-The opening of these two factors into the empirical analysis to conduct a comprehensive study of the interaction between the stock market mechanism,in order to verify the selected sample in the stock market linkage between.In the course of the study,we use the linear model and the nonlinear model to study,and then add the simulation transaction to the empirical analysis and analyze the mechanism from the perspective of the investor.According to the other stock market index returns in the selected stock market sample To the accuracy of the operation of the stock market in China,this process in reality for investors can be based on other stock market index trend to develop their own investment strategy so that this research process has a strong practical significance The In this paper,the macroeconomic news factor is added to the model to explore whether it can be used as a determinant of the linkage of the stock market in the selected sample,and then to study the relationship between the stock market and other stock markets.This paper argues that the openness of China’s stock market will gradually increase with the continuous development of its stock market and its increasing degree of openness and will be affected by other national and regional stock markets,leading to the development of China’s stock market and other major stock markets The linkage between the increasingly strong.As the US stock market and the British stock market in the international occupy a very important position and its own development is also the most perfect makes China’s Shanghai Composite Index by the impact of these two stock market,the trend of China’s stock market under the two stock market The accuracy of the forecast made by the trend has a certain effect.Moreover,after the opening of Shanghai and Hong Kong,China’s stock market and other stock markets continue to strengthen the interaction between the other countries and regions of the macroeconomic news on China’s stock market investment decision-making have a certain impact,to strengthen the linkage.