本文对比了在我国资本账户开放过程中,中美两国股市产生的收益率溢出效应,发现随中国资本市场体制改革、完善及资本项目的逐步开放,两国股市间的相关性逐渐提高,收益率溢出效应也日益显著。同时,针对如何减少资本账户开放过程中的不利影响方面提出相关政策建议。 This article compares the spillover effect of the rate of return on the stock market between China and the United States in the process of China’s capital account liberalization and finds that with the reform and improvement of China’s capital market system and the gradual opening of capital account, the correlation between the two stock markets gradually increases. Rate spillover effect is also increasingly significant. At the same time, we put forward relevant policy suggestions on how to reduce the adverse impact of capital account liberalization.