The Linkage Of Chinese Stock Market And International Stock Market And Its Influencing Factors

With the deepening of economic globalization,the doors of China and other countries have gradually opened to the world,the capital flows among various countries have been remarkably enhanced.The economic dependence among all the countries in the world is getting higher and higher.The links between financial markets in various countries are gradually getting stronger.With the gradual opening of China's capital market and the acceleration of the process of trade liberalization,the link between China's macroeconomy and the world economy is getting closer and closer.The connection between the securities market and the securities markets of various countries in the world is gradually strengthened.Therefore,the stock market in our country Whether the trend will be affected by the trend of the stock markets in various countries in the world? Does the stock market of our country have some linkage with the stock markets of other countries in the world?If the linkage exists,then the importance of the paper is factors that affect the linkage between China's stock market and other countries' stock markets.Through summarizing the existing literatures,researches mostly use co-integration,Granger causality test,VAR,GARCH and other measurement models to study the inter-stock market linkage,while less scholars analyze the linkage between stock markets.Therefore,this study is divided into two parts,the first part of this article selected China's Shanghai Composite Index,Japan's Nikkei 225 Index,South Korea's Seoul Composite Index,Singapore Straits Index,Hong Kong's Hang Seng Index,the Australian Common Index,the Frankfurt CAC-40 index,The FTSE100 index,the German DAX index,the United States Nasdaq index and the U.S.Dow Jones index.The AG-DCC-GARCH model is used to quantitatively analyze the linkage between the Chinese stock market and the real world stock markets.In the second part,we select the control variables such as trade intensity,exchange rate,interest rate,CPI,GDP and so on,and study the influence of the control variables such as trade intensity,exchange rate,interest rate,CPI,GDP on the inter-stock market linkage through multiple regression analysis.After analyzing the linkage between China's stock market and other countries in the world,there are differences at different periods,and the trade intensity between China and other countries is an important factor that affects the linkage between China and international stock markets.From the perspective of dynamic relations After the economic crisis in 2008,the linkage between the Chinese stock market and other countries in the world was significantly strengthened.In addition,after China joined the WTO in 2001,the linkage between China's stock market and other European countries and the United States stock market significantly increased.From the regression results,the economic crisis has no effect on the linkage between the stock markets,which may be due to the lagged effect of the economic crisis on the stock market.The impact of the crisis on the stock markets of various countries gradually penetrates into China as the degree of opening up to the outside world increases The stock market strengthened the linkage between the Chinese stock market and the international stock market.And the linkage between China and Asia and the United States stock market is stronger than the linkage between China and European and Australian stock markets.