The Research On The Influence Of The Overseas Stock Holdings On Mainland Stocks

With the rapid development of China's economy,China's financial market has also been rapidly developed,and China's securities market has gradually begun the process of external development.On April 15,1994,China joined the World Trade Organization,and it initially began to integrate China's economic development with the world economy.China's financial market has gradually begun to open to the outside world.On November 15,2002,China implemented the QIFF policy.On November 17,2014,China's Shanghai-Hong Kong Stock Connect began implementation.With the opening up of China's securities market,overseas holdings will have a certain impact on the stocks in the mainland market in China.This article mainly studies the impact of overseas holdings on Chinese mainland stocks.The impact research of stocks is mainly based on the network influence of stocks in the mainland and the two aspects of stock volatility.The sample duration for this article is 2017.3.17-2018.2.14,and the actual duration is 218 days.The data in this article comes from wind.The sample stocks in this article come from the stocks included in the CSI 300 Index.After data processing,there are 177 sample stocks in this article.In the study of the influence of mainland stocks' networks,this article classifies 177 sample stocks into four categories:manufacturing,financial industry,heavy industry,and tertiary industry.The method used in this paper is multiple linear regression,in which the independent variable has the proportion of foreign holdings,the turnover rate and the logarithm of the stock's free float market value,and the dependent variable is formed based on the complex network(used to describe the network influence of the stock).After analyzing and researching,they came to the corresponding conclusion:In different industries,the effect of foreign holdings on the influence of mainland stock network is different,and the form of its role is also different.Overseas holdings have a role in the network influence of financial industry stocks and heavy industry stocks.For financial industry stocks,the net influence of stocks has an inverse relationship with overseas holdings.For heavy industry stocks,the effect of overseas stock holdings on the influence of stocks is a font.The effect of force is not significant.In the overall sample regression,the effect of overseas holdings on the influence of the stock network is significant and presents a font.In studying the volatility of mainland stocks,there were 175 mainland market stocks used.This article chooses the stock daily amplitude to represent the volatility of the stock itself.Next,use the stata software to perform panel data regression regression on the mainland sample stocks.The independent variables include the proportion of foreign holdings,stock returns,turnover,and stock price-earnings ratio.The dependent variable is the daily amplitude of the stock.We use the panel data mixture estimation model,the fixed effect model,and the random effect model to perform regression fitting on the mainland stocks.Then use Hasuman test to compare the fixed effect model and the random effect model to determine the optimal panel data fitting model.After the above research and analysis,the corresponding conclusions are drawn:In the panel data mixed estimation model and the fixed effect model,the foreign shareholding ratio variable has a significant impact on the volatility of mainland stocks,and the proportion of overseas shareholdings and mainland stocks volatility is positive.relationship.The panel data fixed benefit model is superior to the panel data random effect,which shows that the different stocks will also have a certain impact on stock volatility.