本文選題：國(guó)際資本流動(dòng)　切入點(diǎn)：流向結(jié)構(gòu)　出處：《湖南大學(xué)》2014年碩士論文

【摘要】：隨著全球各國(guó)市場(chǎng)開放度的加深，國(guó)際資本流動(dòng)的規(guī)模和結(jié)構(gòu)產(chǎn)生了巨大變化，并且這些變化在貨幣國(guó)際化發(fā)展程度不同的國(guó)家產(chǎn)生的影響差異較大。近年來，對(duì)于國(guó)際資本流動(dòng)結(jié)構(gòu)的研究很多，而本文則主要探究國(guó)際資本流動(dòng)的期限結(jié)構(gòu)變化、流向結(jié)構(gòu)變化，以及這兩方面變化在貨幣國(guó)際化程度不同的國(guó)家和地區(qū)給股票市場(chǎng)帶來的影響。期限結(jié)構(gòu)變化主要表現(xiàn)為：長(zhǎng)期國(guó)際資本逐漸被短期國(guó)際資本取代，二者期限結(jié)構(gòu)日益模糊化，金融產(chǎn)品的創(chuàng)新使得長(zhǎng)期資本轉(zhuǎn)化為短期資本的現(xiàn)象普遍，與此同時(shí)，該變化帶來的主要影響之一是使得股票市場(chǎng)的價(jià)格波動(dòng)變大；國(guó)際資本流向結(jié)構(gòu)的變化主要表現(xiàn)為：國(guó)際資本在一國(guó)直接投資的比重降低，間接投資比重上升，尤其是投向一國(guó)證券市場(chǎng)的國(guó)際資本上升，在此背景下，一國(guó)股票市場(chǎng)的規(guī)模日益擴(kuò)大。鑒于國(guó)際資本流動(dòng)結(jié)構(gòu)變化對(duì)一國(guó)股票市場(chǎng)影響深遠(yuǎn)，處于資本市場(chǎng)逐漸開放的中國(guó)更加需要注重國(guó)際資本流動(dòng)結(jié)構(gòu)的變化及其對(duì)國(guó)內(nèi)證券市場(chǎng)的影響。 本文從國(guó)際資本的期限結(jié)構(gòu)和流向結(jié)構(gòu)變化入手，著重研究該變化對(duì)一國(guó)股票市場(chǎng)的影響。首先，本文從理論的角度，結(jié)合世界上典型國(guó)家的情況探究了國(guó)際資本流動(dòng)結(jié)構(gòu)變化中的流向結(jié)構(gòu)、期限結(jié)構(gòu)等其他變化的特征及原因，，并分析了國(guó)際資本流動(dòng)結(jié)構(gòu)變化對(duì)一國(guó)股票市場(chǎng)收益、波動(dòng)以及投資主體和品種的影響。其次，從實(shí)證的角度，選取證券市場(chǎng)的子市場(chǎng)之一股票市場(chǎng)為研究對(duì)象，建立面板數(shù)據(jù)模型，探究了不同國(guó)家國(guó)際資本流向結(jié)構(gòu)變化對(duì)股票市場(chǎng)規(guī)模的影響，同時(shí)，以日本和巴西為研究對(duì)象，探究了國(guó)際資本流動(dòng)期限結(jié)構(gòu)變化對(duì)股票市場(chǎng)價(jià)格波動(dòng)的影響。得出國(guó)際資本流向結(jié)構(gòu)和期限結(jié)構(gòu)在貨幣國(guó)際化程度不同的國(guó)家對(duì)股市影響不同的結(jié)論。最后，基于理論和實(shí)證的分析，初步探究了近年來中國(guó)國(guó)際資本流動(dòng)結(jié)構(gòu)的變化特征及對(duì)我國(guó)股票市場(chǎng)的影響，進(jìn)而為我國(guó)貨幣國(guó)際化的道路提出相關(guān)建議。
[Abstract]:With the global market openness deepening, the scale and structure of international capital flows has produced great changes, and these changes in the impact of currency internationalization development degree in different countries is different. In recent years, many researches for the structure of international capital flow, this paper mainly explores the changes of the term structure of international capital flow, flow changes in the structure, and the impact of changes in these two aspects to the stock market in the monetary internationalization of different countries and regions. The term structure changes are as follows: long term international capital is gradually replacing short-term international capital, the two term structure is fuzzy, the innovation of financial products to make long-term capital into short-term capital common. At the same time, one of the main effects of the change is that the market price fluctuations larger; international capital flow. The changes are as follows: the international capital in a country's direct investment to reduce the proportion, the proportion of indirect investment increased, especially in the securities market of international capital increase, in this context, a country's stock market is expanding. In view of the structure of international capital flow changes on a country's stock market has far-reaching influence, in the capital the market is gradually opening up the China should pay more attention to changes in the structure of international capital flow and its impact on the domestic securities market.
This article from the term structure and structure change of international capital flow, focuses on the impact of the change of a country's stock market. Firstly, this paper from the perspective of theory, combined with the typical countries of the world to explore the structure of international capital flow changes, characteristics and reasons of the term structure and other changes, and analysis of the structure of international capital flow changes on a country's stock market returns, volatility and investor and variety. Secondly, from the empirical perspective, the stock market market selects one of the securities market as the research object, established a panel data model to explore the impact of different countries, international capital flows to the structure change of the size of the stock market at the same time, Japan and Brazil as the research object, to explore the impact of international capital flow term structure change on price fluctuations in the stock market. The international capital flows. The structure and maturity structure in different degree of internationalization in different countries on the stock market influence conclusion. Finally, based on the theoretical and empirical analysis, the initial exploration of the recent changes in the characteristics of China structure of international capital flows and the stock market in China, and put forward relevant suggestions for monetary internationalization.

【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F831.51

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