A Study On The Linkage Of Asian Stock Markets-based On Vine-copula Method

Since the beginning of the 80s of last century,many countries in the world have joined the climax of economic liberalization,many countries or regions gradually make domestic market more open.The number of multinational companies at this stage have a significant growth,the capital flow is usually accompanied by developed countries will be high pollution,high consumption or transfer of labor intensive industry from the country to the developing countries,therefore,it makes the world economic dependence between countries increase.Through the accumulation of the above facts,the world financial market has gradually become a whole.In the trend of economic and financial globalization,some countries of the securities market have gradually embarked on the road of internationalization,embodied in these countries,the international market is gradually opening up the deepening of financing securitization.So far,the world's major developed countries of the securities market for open markets,in many emerging countries and regions including the stock market in some Asian countries and regions also have been opened,which further led to the world association between different countries and regions to strengthen the securities market.This study integrated the financial theory,the economic basis hypothesis,financial contagion hypothesis and trade theory as a theoretical basis and to study the Shanghai composite index using the Vine-Copula model,Korea composite index,Nikkei 225,Taiwan weighted index,the linkage between Hongkong's Hang Seng index.The results of the study showed that the Korea composite index of Shanghai Composite Index,the Nikkei 225 index,Taiwan weighted index,the overall linkage of Hongkong's Hang Seng index showed an upward trend;the Shanghai Composite Index linkage to the Hongkong Hang Seng Index and Taiwan stock index is most obvious,compared with the Shanghai Composite Index and the Korea composite index linkage is weak,while the Shanghai the Nikkei 225 index and the linkage of the weakest;in the first stage of the study,the upper tail coefficient tends to zero,indicating that the market basically does not exist or the possibility of inflation collapsed at the same time;the upper tail and tail coefficient coefficient increases with time,showing the market between the extreme conditions in linkage gradually increased in each period;and,under the tail coefficient is greater than the upper tail coefficient,which indicates that the market is greater than the possibility between the crash happened at the same time The possibility of inflation.