On the Impact of the Financial Market of Countries Along"the Belt and Road"on China's Financial Market——Regulatory Effects Based on Differences in Institutional Environment
Based on the panel data of weekly returns of stock markets of China's Shanghai Stock Exchange Index and six countries that signed the"the Belt and Road"Cooperation Memorandum from 2011 to 2020,this paper analyzes the impact of financial markets of major countries along"the Belt and Road"on China's financial markets by establishing a multiple regression model.The results show that:(1)since the signing of"the Belt and Road"Cooperation Memorandum,the financial markets of major countries along have significantly enhanced their impact on China's financial markets;(2)by establishing an institutional distance index,it was found that the differences in comprehensive supervision systems represented by government efficiency,public market discourse power,and financial market regulatory quality have a significant negative moderating effect on the financial market.That is,countries with smaller differences in their supervision systems have a stronger impact on China's financial market.
the Belt and Road"financial risk contagioninstitutional distancesupervision system
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万方数据
