次贷危机背景下,国际金融市场动荡、危机发生国经济衰退,跨境资本流动的方向、速度、规模的不确定性增加,我国股票市场面临多重冲击。本文对次贷危机期间我股票市场对外部冲击的反应程度进行了实证分析,发现危机期间外部冲击对股票市场稳定带来威胁,并提出了相应的政策建议。 Under the background of the subprime mortgage crisis, the turmoil in the international financial markets, the economic recession in the crisis countries and the increase of the uncertainty in the direction, speed and size of cross-border capital flows have put China’s stock market under multiple impacts. This paper empirically analyzes the degree of response of the stock market to external shock during the subprime mortgage crisis and finds that external shocks threaten the stability of the stock market during the crisis and put forward corresponding policy recommendations.