本文關(guān)鍵詞： 全球證券投資網(wǎng)絡(luò) 網(wǎng)絡(luò)分析 關(guān)聯(lián)效應(yīng)分析　出處：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著全球經(jīng)濟(jì)一體化進(jìn)程的加快,國(guó)際資本流動(dòng)發(fā)生了許多新的變化,國(guó)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(chǎng)走向了新的格局。特別是進(jìn)入21世紀(jì)以來(lái),一國(guó)或幾國(guó)(地區(qū))證券市場(chǎng)的波動(dòng)在全球證券市場(chǎng)內(nèi)的傳遞日益明顯,而證券業(yè)在金融市場(chǎng)中是舉足輕重的,其風(fēng)險(xiǎn)抵抗能力會(huì)影響整個(gè)金融市場(chǎng)的穩(wěn)定和國(guó)民經(jīng)濟(jì)的發(fā)展速度。在當(dāng)前復(fù)雜的國(guó)際國(guó)內(nèi)經(jīng)濟(jì)形勢(shì)下,對(duì)全球證券市場(chǎng)進(jìn)行結(jié)構(gòu)與關(guān)聯(lián)效應(yīng)分析,客觀評(píng)價(jià)各國(guó)(地區(qū))在全球證券市場(chǎng)中的地位,深度剖析全球證券市場(chǎng)運(yùn)行的內(nèi)在規(guī)律,了解當(dāng)前全球證券市場(chǎng)的投資格局,不管是對(duì)投資者、還是政策制定者都具有非常重要的現(xiàn)實(shí)意義�？v觀國(guó)內(nèi)外對(duì)全球證券市場(chǎng)的研究,多是孤立的去分析某個(gè)國(guó)家或某幾個(gè)國(guó)家之間的關(guān)系,對(duì)全球證券市場(chǎng)的研究并沒有形成統(tǒng)一的網(wǎng)絡(luò),本文運(yùn)用前人成熟的理論方法并進(jìn)行適當(dāng)?shù)馗倪M(jìn),從全局的視角對(duì)全球證券投資格局進(jìn)行分析,探討2006~2015年全球證券投資網(wǎng)絡(luò)的結(jié)構(gòu)演化,重點(diǎn)是對(duì)全球證券投資網(wǎng)絡(luò)的關(guān)聯(lián)效應(yīng)進(jìn)行分析。首先,本文基于國(guó)際貨幣基金組織(IMF)中BOPS(Balance of Payments Statistics)數(shù)據(jù)庫(kù)公布的各國(guó)(地區(qū))證券投資與證券負(fù)債數(shù)據(jù),編制了包括中國(guó)大陸在內(nèi)的全球證券投資流量矩陣(GIFS);其次,基于矩陣GIFS構(gòu)建了以全球各國(guó)(地區(qū))為節(jié)點(diǎn),國(guó)家之間、地區(qū)之間的證券交易流量為權(quán)邊的全球證券投資網(wǎng)絡(luò),并使用網(wǎng)絡(luò)分析指標(biāo)對(duì)網(wǎng)絡(luò)的特征進(jìn)行了分析;最后,建立全球證券投資網(wǎng)絡(luò)關(guān)聯(lián)乘數(shù)模型,分析一個(gè)或幾個(gè)國(guó)家(地區(qū))證券投資或證券負(fù)債變動(dòng)對(duì)其他地區(qū)的沖擊,把握不同節(jié)點(diǎn)國(guó)家(地區(qū))證券市場(chǎng)間的復(fù)雜關(guān)系與相互影響�；谏鲜鲅芯�,本文得出以下結(jié)論:美國(guó)、日本、盧森堡、愛爾蘭和英國(guó)在全球證券市場(chǎng)上位于核心的位置,五國(guó)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(guó)家的證券投資發(fā)生變動(dòng)時(shí),對(duì)其他國(guó)家(地區(qū))的影響巨大。西班牙、意大利、中國(guó)香港、加拿大、法國(guó)等國(guó)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(guó)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(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F831.51

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