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长期以来资本流动水平被认为仅由国内外资本市场利率差和汇率决定。但在全球金融市场高度一体化、跨市场交易日益普遍的今天，不同股票市场股价差异也是决定资本流动水平的因素。笔者通过文中建立的计量经济模型揭示资本流动同利率差、汇率、股价差异的相互影响，并对该模型的有效性进行分析和验证，可以发现：一体化金融市场中，资本流动和不同股票市场股票价格差额之间具有明显的关连因素。
For a long time, the level of capital flow is considered only by the difference between domestic and foreign capital market interest rates and the exchange rate decision. However, due to the high degree of integration of global financial markets and the growing prevalence of cross-market transactions, the stock price differences between different stock markets are also factors that determine the level of capital flows. Through the econometric model established in this paper, the author reveals the interaction between capital flows and interest rate differences, exchange rates and stock price differences. By analyzing and verifying the validity of the model, we find that in the integrated financial markets, capital flows and different stock markets There is a clear connection between stock price differences.