随着全球经济一体化,各国经济共同受到世界经济波动的影响,反映国民经济运行状况的各国股市就会反映出一种同步波动,长期中具有一种均衡关系。本文对中国股市和美国股市在不同时期的长期均衡特征和因果关系进行了实证分析,以期找出股市间波动的规律。一、相关计量检验理论本文 With the global economic integration, the economies of various countries are jointly affected by the fluctuations in the world economy. The national stock markets reflecting the performance of the national economy will show a simultaneous fluctuation with a balanced relationship in the long run. This paper makes an empirical analysis of the long-term equilibrium characteristics and causality between China’s stock market and the U.S. stock market at different periods in order to find out the law of the volatility between the stock markets. First, the relevant measurement test theory of this article