论文部分内容阅读
通过协整检验、误差修正模型分析以及格兰杰因果检验发现,我国债券市场和股票市场的成交量间存在协整关系,但不存在格兰杰因果关系,成交量间不存在此消彼长关系。总体来看,我国债券市场和股票市场的联通程度比较低,联系不是特别紧密,信息反应不是特别迅速,不同市场处于分割状态。本文在实证研究的基础上针对上述结论提出相关建议。
Through cointegration test, error correction model analysis and Granger causality test, it is found that there is cointegration relationship between the volume of bond market and stock market in our country, but there is no Granger causality, there is no trade-off between the trading volume relationship. In general, the bond level in China’s bond market and the stock market are relatively low, the links are not particularly tight, the information response is not particularly rapid, and the different markets are in a state of fragmentation. Based on the empirical research, this paper puts forward some suggestions based on the above conclusions.