【摘要】：國際資本流動是一種經濟現(xiàn)象，它的運行規(guī)律反映了世界經濟的發(fā)展態(tài)勢。它的流向已成為世界經濟運行狀況的“晴雨表”。隨著經濟全球化趨勢的加快，現(xiàn)在國際資本流動發(fā)生了許多新的變化，這些新變化給國際資本流動的重要場所一國際資本市場的格局帶來了重大影響。對于我國而言，資本流動的不斷深入，使得我國的資本市場越來越完善，已經成為世界上第四大資本市場，并且是全球資本最具吸引力的地方之一。我國的資本市場為經濟的發(fā)展與改革注入了巨大活力，也為多渠道引進國際資本發(fā)揮著積極作用。然而國際資本的過度流動，也會對經濟產生消極影響。比如說不良貸款引發(fā)的金融危機，經濟過熱化引發(fā)的經濟泡沫。而且隨著資本的全球化流動，使得金融危機不再局限于某一個國家，而會引發(fā)連鎖反應，導致多個國家經濟出現(xiàn)問題。本文主要分析國際資本流動對資本市場的影響，對今后我國資本市場的發(fā)展具有現(xiàn)實的意義。 本文研究國際資本流動對我國資本市場的影響，從兩個方面進行闡述。一、國際直接投資對各個產業(yè)的影響。數(shù)據(jù)表明外商對我國制造業(yè)影響最大，占50%以上，其次影響較大的是我國房地產行業(yè)，占10%以上。二、國際資本流動對股票市場和債券市場的影響。通過建立VAR模型，得出國際資本流動與股票市場存在明顯的正相關關系，其中國際直接投資對其貢獻率為40%，國際間接投資貢獻率為10%。股票市場更依賴于國際直接投資。國際資本流動與債券市場相關系數(shù)不明顯，可以不作為考慮因素。 針對上述分析，我國應該控制國際資本流入制造業(yè)和房地產業(yè)的速度和規(guī)模，優(yōu)化國內的投資環(huán)境，，提高國際資本流動的質量。建立風險評估體系，防范國際資本流動風險。加強資本市場的國際合作，推進我國市場的標準化進程，推動我國經濟發(fā)展。
[Abstract]:International capital flow is an economic phenomenon, its operation law reflects the development trend of the world economy. Its flow has become a barometer of the state of the world economy. With the acceleration of the trend of economic globalization, many new changes have taken place in the international capital flow. These new changes have brought great influence to the pattern of the international capital market, which is the important place of the international capital flow. For our country, the capital market has become the fourth largest capital market in the world, and it is one of the most attractive places in the world. China's capital market has injected great vitality into the economic development and reform, and has also played an active role in the introduction of international capital through various channels. However, the excessive flow of international capital will also have a negative impact on the economy. For example, the financial crisis caused by non-performing loans, the economic bubble caused by economic overheating. And with the globalization of capital flow, the financial crisis is no longer confined to one country, but will trigger a chain reaction, leading to economic problems in many countries. This paper mainly analyzes the influence of international capital flow on capital market, which is of practical significance to the development of China's capital market in the future. This paper studies the influence of international capital flow on China's capital market and expounds it from two aspects. First, the impact of international direct investment on various industries. The data show that foreign investment has the greatest influence on our manufacturing industry, accounting for more than 50%, followed by the real estate industry in China, accounting for more than 10%. Second, the influence of international capital flow on stock market and bond market. By establishing VAR model, the positive correlation between international capital flow and stock market is obtained, in which the contribution rate of international direct investment to stock market is 40 and that of international indirect investment is 10. The stock market is more dependent on international direct investment. The correlation coefficient between international capital flow and bond market is not obvious and can not be considered as a factor. In view of the above analysis, China should control the speed and scale of international capital flowing into manufacturing and real estate industry, optimize the domestic investment environment and improve the quality of international capital flow. Establish a risk assessment system to guard against the risk of international capital flows. Strengthen the international cooperation of the capital market, promote the standardization process of our country's market, promote our country's economic development.
【學位授予單位】：貴州財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.5;F831.7

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本文編號：2169251