本文選題：多德-弗蘭克法案 + 中美國際資本流動　； 參考：《云南財經(jīng)大學(xué)學(xué)報》2017年06期

【摘要】：基于2002~2015年的月度宏觀數(shù)據(jù),對法案新聞進行文本挖掘獲得法案熱度數(shù)據(jù),構(gòu)建VEC模型研究《多德-弗蘭克法案》對中美國際資本流動中證券投資的影響。研究表明:該法案是當(dāng)前影響中美國際證券投資的因素,且在短期內(nèi)可對證券投資產(chǎn)生顯著負面影響,表明該法案提高了證券投資的交易成本并限制了資本流動;但長期中美國國債投資受該法案影響較小,而公司債券投資則受到了持續(xù)的負面沖擊,表明該法案在限制金融機構(gòu)自營交易方面有嚴格的管控力度。據(jù)此提出政策建議:中國可適度采取與該法案對沖的政策以穩(wěn)定投資預(yù)期,同時在美國的中資金融機構(gòu)應(yīng)深入理解金融監(jiān)管法案并提升合規(guī)風(fēng)險防范能力,中國在金融消費者保護方面立法時亦可借鑒該法案的得失。
[Abstract]:Based on the monthly macro data from 2002 to 2015, the text mining of the bill news is carried out to obtain the heat data of the bill, and the VEC model is constructed to study the influence of Dodd-Frank Act on the securities investment in the international capital flow between China and the United States. The research shows that the bill is the factor that affects the Sino-American international portfolio investment, and it can have a significant negative impact on the securities investment in the short term, which indicates that the bill increases the transaction cost of the securities investment and restricts the capital flow; But long-term U.S. Treasury investment has been less affected by the law, while corporate bond investment has been hit by a continuing negative impact, suggesting that the law has strict controls on proprietary trading at financial institutions. Based on this, some policy recommendations are put forward: China can adopt appropriate policy to hedge against the Act in order to stabilize investment expectations, and Chinese financial institutions in the United States should have a thorough understanding of the Financial Regulation Act and enhance their ability to guard against compliance risks. China's legislation on financial consumer protection can also draw on the gains and losses of the Act.
【作者單位】： 北京郵電大學(xué)經(jīng)濟管理學(xué)院;清華大學(xué)五道口金融學(xué)院;云南財經(jīng)大學(xué)經(jīng)濟學(xué)院;
【分類號】：D996.2;F831.51
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本文編號：1854198