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当前经济的全球化在很大程度上是市场的全球化,而其中最主要的特征就是资本市场的全球化。由于资本市场交易方式比较方便、迅捷,于是很多的国内投资者开始走出国门进行国际市场的投资。但是各个国家存在的不同的法律、法规限制了这种国内、国际资本的投资方向与规模,这种限制一般称之为“硬分割”,这种分割行为是市场不完美的一种表现,但是这种现象是现实情况的一种反映,仔细研究这种市场环境下的资产价格行为具有重要的理论和现实意义。特别针对当前的人民币升值带来的资产价格变化,文中给出了理论上的严格分析。
The globalization of the current economy is largely the globalization of the market. The most important feature of this is the globalization of the capital market. As the capital market trading more convenient and quick, so many domestic investors began to go abroad for investment in the international market. However, the different laws and regulations existing in various countries limit the investment direction and scale of such domestic and international capital. Such restrictions are generally referred to as “hard division,” and such segmentation is an imperfect manifestation of the market. However, This kind of phenomenon is a reflection of the real situation. It is of important theoretical and practical significance to carefully study the asset price behavior in such a market environment. Especially for the current changes in asset prices caused by RMB appreciation, the article gives a theoretical rigorous analysis.