摘要
从中国投资者的角度出发,结合不等方差检验,实证研究了近20年来三次重大国际金融危机前后中国股市与国际股市之间联动关系的密切程度。结果表明,在全球分散投资对中国投资者是有益的,尤其是欧债危机发生后,投资于亚洲小经济体有助于分散风险。
With the failure of the cointegration test, the unequal variance test offers more robust results and information. In the eyes of Chinese investors, this paper examines empirically how close the relationships between the China Stock market and interna- tional stock markets by employing the ＂unequal variance test＂ in financial crises in the recent 20 years. The results show that Chinese investors can benefit from the international diversification, especially from the small-scale economies in Asian during the European debt crisis.
出处
《山西财经大学学报》
CSSCI
北大核心
2013年第3期22-32,共11页
Journal of Shanxi University of Finance and Economics
基金
西安交通大学"211工程"三期"管制经济学"项目(23071072)
关键词
股市联动性
不等方差检验
金融危机
分散投资
co-movement
unequal variance test
financial crises
investment diversification
