중국 주식시장의 특성 비교에 관한 연구 -상해, 심천, 홍콩 주식시장을 중심으로-
Comparison of the Characteristics of China Stock Markets
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This study examines an effect of macroeconomic factors on the stock price of China stock markets(Shanghai, Shenzhen, Hongkong). The macroeconomic factors are classified into two groups, monetary market factors and real market factors. The monetary market factors consist of two variables, interest rate and foreign exchange rate. The real market factors consist of two variables, GDP increase rate and oil price increase rate. An empirical analysis of China stock markets showed the following results. In the case of Shanghai market, stock return is lower and variance is higher than other markets. China stock returns are commonly affected by real market factors more than monetary market factors. Especially Hongkong market is affected differently from other markets in some respects. These results could be important for the investors and firms, which are interested in China stock markets.
Abstract
This study examines an effect of macroeconomic factors on the stock price of China stock markets(Shanghai, Shenzhen, Hongkong). The macroeconomic factors are classified into two groups, monetary market factors and real market factors. The monetary market factors consist of two variables, interest rate and foreign exchange rate. The real market factors consist of two variables, GDP increase rate and oil price increase rate. An empirical analysis of China stock markets showed the following results. In the case of Shanghai market, stock return is lower and variance is higher than other markets. China stock returns are commonly affected by real market factors more than monetary market factors. Especially Hongkong market is affected differently from other markets in some respects. These results could be important for the investors and firms, which are interested in China stock markets.
참고문헌 (19)
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