本文關鍵詞： 全球證券投資網(wǎng)絡 網(wǎng)絡分析 關聯(lián)效應分析　出處：《山西財經(jīng)大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著全球經(jīng)濟一體化進程的加快,國際資本流動發(fā)生了許多新的變化,國家之間、地區(qū)之間的證券交流與合作更加頻繁密切,全球證券市場走向了新的格局。特別是進入21世紀以來,一國或幾國(地區(qū))證券市場的波動在全球證券市場內的傳遞日益明顯,而證券業(yè)在金融市場中是舉足輕重的,其風險抵抗能力會影響整個金融市場的穩(wěn)定和國民經(jīng)濟的發(fā)展速度。在當前復雜的國際國內經(jīng)濟形勢下,對全球證券市場進行結構與關聯(lián)效應分析,客觀評價各國(地區(qū))在全球證券市場中的地位,深度剖析全球證券市場運行的內在規(guī)律,了解當前全球證券市場的投資格局,不管是對投資者、還是政策制定者都具有非常重要的現(xiàn)實意義�？v觀國內外對全球證券市場的研究,多是孤立的去分析某個國家或某幾個國家之間的關系,對全球證券市場的研究并沒有形成統(tǒng)一的網(wǎng)絡,本文運用前人成熟的理論方法并進行適當?shù)馗倪M,從全局的視角對全球證券投資格局進行分析,探討2006~2015年全球證券投資網(wǎng)絡的結構演化,重點是對全球證券投資網(wǎng)絡的關聯(lián)效應進行分析。首先,本文基于國際貨幣基金組織(IMF)中BOPS(Balance of Payments Statistics)數(shù)據(jù)庫公布的各國(地區(qū))證券投資與證券負債數(shù)據(jù),編制了包括中國大陸在內的全球證券投資流量矩陣(GIFS);其次,基于矩陣GIFS構建了以全球各國(地區(qū))為節(jié)點,國家之間、地區(qū)之間的證券交易流量為權邊的全球證券投資網(wǎng)絡,并使用網(wǎng)絡分析指標對網(wǎng)絡的特征進行了分析;最后,建立全球證券投資網(wǎng)絡關聯(lián)乘數(shù)模型,分析一個或幾個國家(地區(qū))證券投資或證券負債變動對其他地區(qū)的沖擊,把握不同節(jié)點國家(地區(qū))證券市場間的復雜關系與相互影響�；谏鲜鲅芯�,本文得出以下結論:美國、日本、盧森堡、愛爾蘭和英國在全球證券市場上位于核心的位置,五國之間的證券交易最為緊密,控制著全球主要的證券投資流量,且這些國家的證券投資發(fā)生變動時,對其他國家(地區(qū))的影響巨大。西班牙、意大利、中國香港、加拿大、法國等國家(地區(qū))雖然在全球證券投資中起到一定的作用,但是與核心位置的國家(地區(qū))相比,作用就相形見拙。
[Abstract]:With the acceleration of the process of global economic integration, many new changes have taken place in the international capital flow, and the securities exchanges and cooperation between countries and regions are more frequent and closer. The global securities market has moved towards a new pattern, especially since 21th century, the volatility of the securities market of one or several countries (regions) has become increasingly obvious in the global securities market. The securities industry plays an important role in the financial market, its risk resistance will affect the stability of the entire financial market and the development of the national economy, in the current complex international and domestic economic situation. This paper analyzes the structure and correlation effect of the global securities market, evaluates objectively the position of each country (region) in the global securities market, and deeply analyzes the inherent law of the operation of the global securities market. It is very important for investors and policy makers to understand the current investment pattern of the global securities market. Most are isolated to analyze the relationship between a country or a few countries, the research on the global securities market has not formed a unified network, this paper uses the previous mature theoretical methods and appropriate improvement. This paper analyzes the global securities investment pattern from the overall perspective and discusses the structural evolution of the global securities investment network from 2006 to 2015. The key point is to analyze the correlation effect of global securities investment network. First of all. This article is based on the countries (regions) published in the BOPS(Balance of Payments Statistics database of the International Monetary Fund (IMF). Data on securities investment and securities liabilities. The global portfolio investment flow matrix including mainland China is compiled. Secondly, based on matrix GIFS, the paper constructs a global securities investment network which takes the global countries (regions) as the nodes and the securities exchange flows between countries and regions as the right side. The characteristics of the network are analyzed by using the network analysis index. Finally, a global portfolio investment network correlation multiplier model is established to analyze the impact of one or more countries (regions) on the impact of securities investment or securities liabilities on other regions. Based on the above research, this paper draws the following conclusions: the United States, Japan, Luxembourg. Ireland and the United Kingdom are at the core of the global securities market, with the five countries trading the most closely, controlling the world's major portfolio investment flows, and when these countries' portfolio investment changes. Spain, Italy, Hong Kong, China, Canada, France and other countries (regions) play a role in global portfolio investment. But compared with the core countries (regions), the role is dwarfed.
【學位授予單位】：山西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F831.51

【參考文獻】

相關期刊論文 前10條

1 李岸;粟亞亞;喬海曙;;中國股票市場國際聯(lián)動性研究——基于網(wǎng)絡分析方法[J];數(shù)量經(jīng)濟技術經(jīng)濟研究;2016年08期

2 李寶瑜;王濤;;基于全球資金流量表的國家之間資金循環(huán)分析[J];統(tǒng)計研究;2016年04期

3 苗晴;姚洪興;;“一帶一路”概念股價格關聯(lián)網(wǎng)絡模型及應用[J];財會月刊;2016年11期

4 巴曙松;左偉;朱元倩;;國際金融網(wǎng)絡及其結構特征[J];海南金融;2015年09期

5 王鷹翔;張魯欣;;基于向量GARCH模型的國際證券市場波動溢出研究[J];管理評論;2011年06期

6 黃飛雪;谷靜;李延喜;蘇敬勤;;金融危機前后的全球主要股指聯(lián)動與動態(tài)穩(wěn)定性比較[J];系統(tǒng)工程理論與實踐;2010年10期

7 黃瑋強;莊新田;姚爽;;中國股票關聯(lián)網(wǎng)絡拓撲性質與聚類結構分析[J];管理科學;2008年03期

8 樊瑛;索麗娜;沈曉松;胡延慶;;復雜網(wǎng)絡視角下的NYSE市場投資結構特性研究[J];北京師范大學學報(自然科學版);2008年01期

9 王曉芳;盧小兵;;中國股市是否實現(xiàn)了與世界同步[J];經(jīng)濟經(jīng)緯;2007年02期

10 陳漓高;吳鵬飛;劉寧;;國際證券市場聯(lián)動程度的實證分析[J];數(shù)量經(jīng)濟技術經(jīng)濟研究;2006年11期

，

本文編號：1444955