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股票市场与债券市场之间的联动关系一直是金融市场的重要研究方向,一般的观点就是股票市场和债券市场是两个反方向的市场,资金主要在这两个市场中互相流动,一个市场的牛市行情似乎一般预示着另外一个市场的熊市,两者之间的研究已经是广大专家和研究人员的常规研究领域。本文将利用VAR模型来研究两个市场间的关系,是否是“跷跷板”效应,是否存在联动效应?主要是从股票市场出发来研究股票市场的因素影响债券市场的效果,债券市场的被影响因素选用上证国债指数。
The linkage between the stock market and the bond market has always been an important research direction in the financial market. The general view is that the stock market and the bond market are two opposite markets, and the funds mainly flow between the two markets. One market The bull market seems to generally signal a bear market in another market, and the research between the two is already a regular area of research for many experts and researchers. This article will use VAR model to study the relationship between the two markets, whether the “seesaw” effect, whether there is a linkage effect? Mainly from the stock market to study the stock market factors affect the effectiveness of the bond market, the bond market was Factors affecting the use of the Shanghai Stock Bond Index.