欧盟股票市场一体化研究
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摘要
在经济全球化,金融一体化的国际环境下,欧盟证券市场的一体化成为欧盟经济一体化中最引人注目的部分。而在这其中欧盟股票市场的一体化发展也取得了很大的进步。同时随着我国经济的不断发展,国内企业会越来越多地到国外市场发行股票,一体化的欧盟股票市场是我国可选择的最佳海外投资市场之一。
目前欧盟股票市场一体化在欧洲各国的共同努力下虽然已经有了一定规模的发展,但由于不同水平的进入成本、不同的结算系统、高额的跨国交易费用的存在,股票市场总的一体化程度仍然不高,并且新的金融危机的出现也使股票市场一体化遭受巨大的影响。本文针对欧盟股票市场一体化问题从其发展的现状、发展的层次、驱动因素、发展的前景和障碍等方面,以及欧盟股票市场一体化对欧盟区域内外国家的影响进行了定性分析和描述。而针对欧盟股票市场一体化程度则从股票市场的参与者分别进行分析,尤其采用股票指数进行定量分析,研究其趋同性。并且比较创新的是对每一个参与者进行程度评价时选择的指标,尤其是针对中介机构和监管机构方面的指标。通过这些研究,本文得出以下结论:
当前欧盟股票市场一体化的程度总体来说不算太高,这主要表现在监管方面,目前欧盟仍然缺乏完善的法律进行欧盟层面上的统一监管,但是在股票市场的中介机构方面,由于其竞争而导致的合并使其一体化程度不断提高。另外欧盟股票市场一体化对区域内外国家的影响都有利有弊,但总体来说利大于弊。
Under the economic globalization and financial integration, EU securities integration became the most noticeable part of the EU economic integration, and in it the development of EU stock integration has also made great progress. At the same time with the constant development of China's economy, domestic enterprises would issue more shares to foreign markets, and integrated EU stock market is one of the best overseas investment markets our country can choose.
At present, the EU stock market integration has developed to a certain extent at the joint efforts of EU member countries, but the overall level of stock market integration is still not high, and new financial crisis made the stock market suffer enormous impact. So this thesis tries to address the issue of the EU stock market integration, the basis of it was analyzed which included the development status, level, development prospects and obstacles and the impact to EU countries in and out of the region. Further more, empirical analysis was done on the EU stock market integration by stock index, and the innovation is the selection of indicators which for each participant of the stock market. The main findings of this thesis are as follows:
The current degree of integration of EU stock market in general is not too high, which was mainly manifested in the part of supervision, EU still lacks a comprehensive law on the unified supervision of EU level, but about the intermediary organizations of stock market, its mergence caused by competition made the degree of integration continuously improved. The impact to EU countries in and out of the region has both advantages and disadvantages, but generally the earning was greater than risks.
目前欧盟股票市场一体化在欧洲各国的共同努力下虽然已经有了一定规模的发展,但由于不同水平的进入成本、不同的结算系统、高额的跨国交易费用的存在,股票市场总的一体化程度仍然不高,并且新的金融危机的出现也使股票市场一体化遭受巨大的影响。本文针对欧盟股票市场一体化问题从其发展的现状、发展的层次、驱动因素、发展的前景和障碍等方面,以及欧盟股票市场一体化对欧盟区域内外国家的影响进行了定性分析和描述。而针对欧盟股票市场一体化程度则从股票市场的参与者分别进行分析,尤其采用股票指数进行定量分析,研究其趋同性。并且比较创新的是对每一个参与者进行程度评价时选择的指标,尤其是针对中介机构和监管机构方面的指标。通过这些研究,本文得出以下结论:
当前欧盟股票市场一体化的程度总体来说不算太高,这主要表现在监管方面,目前欧盟仍然缺乏完善的法律进行欧盟层面上的统一监管,但是在股票市场的中介机构方面,由于其竞争而导致的合并使其一体化程度不断提高。另外欧盟股票市场一体化对区域内外国家的影响都有利有弊,但总体来说利大于弊。
Under the economic globalization and financial integration, EU securities integration became the most noticeable part of the EU economic integration, and in it the development of EU stock integration has also made great progress. At the same time with the constant development of China's economy, domestic enterprises would issue more shares to foreign markets, and integrated EU stock market is one of the best overseas investment markets our country can choose.
At present, the EU stock market integration has developed to a certain extent at the joint efforts of EU member countries, but the overall level of stock market integration is still not high, and new financial crisis made the stock market suffer enormous impact. So this thesis tries to address the issue of the EU stock market integration, the basis of it was analyzed which included the development status, level, development prospects and obstacles and the impact to EU countries in and out of the region. Further more, empirical analysis was done on the EU stock market integration by stock index, and the innovation is the selection of indicators which for each participant of the stock market. The main findings of this thesis are as follows:
The current degree of integration of EU stock market in general is not too high, which was mainly manifested in the part of supervision, EU still lacks a comprehensive law on the unified supervision of EU level, but about the intermediary organizations of stock market, its mergence caused by competition made the degree of integration continuously improved. The impact to EU countries in and out of the region has both advantages and disadvantages, but generally the earning was greater than risks.
引文
[1]Lars Oxelheim(1990).International Financial Integration,Berlin,Springer-Verlag:22
[1]Baele et al(2004).Measuring Financial Integration in the Euro Area.Occasional Paper Series.
[1]小哈罗德·斯凯博著,荆涛,高蒙,季燕梅等译.国际风险与保险:环境-管理分析[M].北京:北京机械工业出版社1999:234
[1]Adam,K.,Jappelli T.,Menichini A.M.,Padula.M and M.Pagano(2002),Analyze,Compare and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union,Report to the European Commission.
[2]Amir N.Licht(1997),Stock Market Integration in Europe,Harvard Law School Program on International Financial Systems.
[3]Antonio Garcia Pascual(2003),Assessing European Stock Markets(co)Integration,Economics Letters 78:197-203.
[4]Baele,L.A.Ferrando,P.Hordahl,E.Krylova and C.Monnet(2004),Measuring Financial Integration in the Euro Area,ECB Occasional Paper No.14.
[5]Carlo Biancheri(1998),Cooperation among Supervisory Authorities under the ISD,European Securities Market,the Investment Services Directive and Beyond,Edited by Guido Ferrarini,kluwer Law International:365.
[6]De Gruijter and Brus(1994),Estimation of Non-Ergodic Variograms and Their Sampling Variance by Design-Based Sampling Strategies.Math.Geol.26:437-454.
[7]Edison,H and E.Warnock.(2001),A Simple Measure of the Intensity of Capital Controls.International Finance Discussion Papers No.708.
[8]Eijffinger,Sylvester C.W.Huizinga,Harry P,Lemmen(1998),Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes.Journal of Public Economics,Elsevier,vol.68(3):309-334.
[9]Emiris.M.(2002),Measuring Capital Market Integration,BIS Paper No.12,pp.200-221.
[10]European Central Bank(2003a),The Integration of Europe's Financial Markets,Monthly Bulletin,October.
[11]Hardouvelis,G.,D.Malliaropulos and R.Priestley(2002a),EMU and European Stock Market Integration,CEPR Discussion Paper No.2124.
[12]Hartmann P.,A.Maddaloni and S.Manganelli(2003).The Euro Area Financial System:Structure,Integration and Policy Initiatives.Oxford Review of Economic Policy,Spring 2003,Vol 19(1):180-213.
[13]Iftekhar Hasan,Markku Malkamaki,Heiko Schmiedel(2002),Technology,Automation and Productivity of Stock Exchanges:International Evidence,Bank of Finland Publication.
[14]Jose Soares da Fonseca(2008),The Co-Integration of European Stock Markets after the Launch of the Euro,Working Papers 200833,Faculty of economics.
[15]Juan Ferna'ndez de Guevara,Joaqui'n Maudos,Francisco Pe'rez(2007),Integration and Competition in the European Financial Markets,Journal of International Money and Finance 26:26-45.
[16]Kalemli-Ozcan,Sebnem,Sorensen,Bent E.and Yosha,Oved(2004),Asymmetric Shocks and Risk Sharing in a Monetary Union:Updated Evidence and Policy Implications for Europe.CEPR Discussion Paper,No.4463.
[17]Lieven Baele,Crina Pungulescu,Jenke Ter Horst(2007),Model Uncertainty,Financial Market Integration and the Home Bias Puzzle,Journal of International Money and Finance 26:606-630.
[18]London Economics(2002),Quantification of the Macro-Economic Impact of Integration of EU Financial Markets.
[19]Marcel Fratzscher(2001),Financial Market Integration in Europe:on the Effects of EMU on Stock Markets,ECB Working paper No.48.
[20]Marco Pagano(1998),The Changing Microstructure of European Equity Market,European securities Markets,the Investment Services Directive and Beyond,Edited by Guido Ferrarini,Kluwer Law International:180.
[21]Olivier De Bandt and Philipp Hartmann(2000),Systemic Risk:a Survey,European Central Bank working paper.
[22]Portes,Richard,Helene Rey and Yonghyup Oh(2001),Information and Capital Flows:The Determinants of Transactions in Financial Assets,European Economic Review 45:783-96.
[23]Reinhart,Carmen & Montiel,Peter(1999),Do Capital Controls Influence the Volume and Composition of Capital Flows? Evidence from the 1990s.MPRA Paper 13710.
[24]Sachs J(1992),Fiscal Federalism and Optimum Currency Areas:Evidence for Europe from the United States.Issues in Europe for Lessons from the U.S.Cambridge University Press.
[25]Santillan,J.,M.Bayle,C.Thygesen(2000),The Impact of the Euro on Money and Bond Markets,ECB Occasional paper I.
[26]Suk Joong Kim,Fariborz Moshirian and Eliza Wu(2005),Dynamic Stock Market Integration Driven by the European Monetary Union:An Empirical Analysis,Journal of Banking & Finance 29:2475-2502.
[27]Thomas Nitschka(2007),Cash Flow News,the Value Premium and an Asset Pricing View on European Stock Market Integration,Institute for Empirical Research in Economics University of Zurich Working Paper No.339.
[28]Vihang Errunza and Etienne Losq(1985),International Asset Pricing under Mild Segmenta-tion:Theory and Test,The Journal of Financial,Vol.XL,No.l.
[29]Yuliya Demyanyk,Vadym Volosovych(2008),Gains from Financial Integration in the European Union:Evidence for New and Old Members,Journal of International Money and Finance 27:277-294.
[30]安丽丽.欧元对欧洲金融一体化的作用[D].中国社会科学院研究生院硕士学位论文,2001.
[31]陈漓高,吴鹏飞,刘宁.国际证券市场联动程度的实证分析[J].数量经济技术经济研究,2006,(11):124-132.
[32]戴钢.欧元启动后的欧洲证券市场[D].厦门大学硕士学位论文,2002.
[33]复旦大学欧洲问题研究中心.欧盟经济发展报告2007[M].上海:复旦大学出版社,2007.
[34]高铁梅.计量经济学分析方法与建模:Eviews应用及实例[M].北京:清华大学出版社,2006:249-297.
[35]郭灿.金融市场一体化程度的衡最方法及评价[J].国际金融研究,2004,(6):28-33.
[36]何敬中,宋德社.论欧洲证券市场的一体化[J].德国研究,2003,(1):31-38.
[37]李克强.欧盟金融一体化问题研究[D].吉林大学硕士学位论文,2006.
[38]刘培堂,吴文锋,吴冲锋.股价同向波动率:证券市场竞争力的重要衡量指标[J].上海金融,2006,(4):40-41.
[39]齐绍洲.欧盟证券市场一体化[M].武汉:武汉大学出版社,2002.
[40]孙文祥.欧元背景下的证券市场一体化研究[M].北京:经济科学出版社,2004.
[41]朱孟楠,郭春松.欧盟金融监管合作的经验与借鉴[J].发展研究,2006,(7):20-22.
[1]Baele et al(2004).Measuring Financial Integration in the Euro Area.Occasional Paper Series.
[1]小哈罗德·斯凯博著,荆涛,高蒙,季燕梅等译.国际风险与保险:环境-管理分析[M].北京:北京机械工业出版社1999:234
[1]Adam,K.,Jappelli T.,Menichini A.M.,Padula.M and M.Pagano(2002),Analyze,Compare and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union,Report to the European Commission.
[2]Amir N.Licht(1997),Stock Market Integration in Europe,Harvard Law School Program on International Financial Systems.
[3]Antonio Garcia Pascual(2003),Assessing European Stock Markets(co)Integration,Economics Letters 78:197-203.
[4]Baele,L.A.Ferrando,P.Hordahl,E.Krylova and C.Monnet(2004),Measuring Financial Integration in the Euro Area,ECB Occasional Paper No.14.
[5]Carlo Biancheri(1998),Cooperation among Supervisory Authorities under the ISD,European Securities Market,the Investment Services Directive and Beyond,Edited by Guido Ferrarini,kluwer Law International:365.
[6]De Gruijter and Brus(1994),Estimation of Non-Ergodic Variograms and Their Sampling Variance by Design-Based Sampling Strategies.Math.Geol.26:437-454.
[7]Edison,H and E.Warnock.(2001),A Simple Measure of the Intensity of Capital Controls.International Finance Discussion Papers No.708.
[8]Eijffinger,Sylvester C.W.Huizinga,Harry P,Lemmen(1998),Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes.Journal of Public Economics,Elsevier,vol.68(3):309-334.
[9]Emiris.M.(2002),Measuring Capital Market Integration,BIS Paper No.12,pp.200-221.
[10]European Central Bank(2003a),The Integration of Europe's Financial Markets,Monthly Bulletin,October.
[11]Hardouvelis,G.,D.Malliaropulos and R.Priestley(2002a),EMU and European Stock Market Integration,CEPR Discussion Paper No.2124.
[12]Hartmann P.,A.Maddaloni and S.Manganelli(2003).The Euro Area Financial System:Structure,Integration and Policy Initiatives.Oxford Review of Economic Policy,Spring 2003,Vol 19(1):180-213.
[13]Iftekhar Hasan,Markku Malkamaki,Heiko Schmiedel(2002),Technology,Automation and Productivity of Stock Exchanges:International Evidence,Bank of Finland Publication.
[14]Jose Soares da Fonseca(2008),The Co-Integration of European Stock Markets after the Launch of the Euro,Working Papers 200833,Faculty of economics.
[15]Juan Ferna'ndez de Guevara,Joaqui'n Maudos,Francisco Pe'rez(2007),Integration and Competition in the European Financial Markets,Journal of International Money and Finance 26:26-45.
[16]Kalemli-Ozcan,Sebnem,Sorensen,Bent E.and Yosha,Oved(2004),Asymmetric Shocks and Risk Sharing in a Monetary Union:Updated Evidence and Policy Implications for Europe.CEPR Discussion Paper,No.4463.
[17]Lieven Baele,Crina Pungulescu,Jenke Ter Horst(2007),Model Uncertainty,Financial Market Integration and the Home Bias Puzzle,Journal of International Money and Finance 26:606-630.
[18]London Economics(2002),Quantification of the Macro-Economic Impact of Integration of EU Financial Markets.
[19]Marcel Fratzscher(2001),Financial Market Integration in Europe:on the Effects of EMU on Stock Markets,ECB Working paper No.48.
[20]Marco Pagano(1998),The Changing Microstructure of European Equity Market,European securities Markets,the Investment Services Directive and Beyond,Edited by Guido Ferrarini,Kluwer Law International:180.
[21]Olivier De Bandt and Philipp Hartmann(2000),Systemic Risk:a Survey,European Central Bank working paper.
[22]Portes,Richard,Helene Rey and Yonghyup Oh(2001),Information and Capital Flows:The Determinants of Transactions in Financial Assets,European Economic Review 45:783-96.
[23]Reinhart,Carmen & Montiel,Peter(1999),Do Capital Controls Influence the Volume and Composition of Capital Flows? Evidence from the 1990s.MPRA Paper 13710.
[24]Sachs J(1992),Fiscal Federalism and Optimum Currency Areas:Evidence for Europe from the United States.Issues in Europe for Lessons from the U.S.Cambridge University Press.
[25]Santillan,J.,M.Bayle,C.Thygesen(2000),The Impact of the Euro on Money and Bond Markets,ECB Occasional paper I.
[26]Suk Joong Kim,Fariborz Moshirian and Eliza Wu(2005),Dynamic Stock Market Integration Driven by the European Monetary Union:An Empirical Analysis,Journal of Banking & Finance 29:2475-2502.
[27]Thomas Nitschka(2007),Cash Flow News,the Value Premium and an Asset Pricing View on European Stock Market Integration,Institute for Empirical Research in Economics University of Zurich Working Paper No.339.
[28]Vihang Errunza and Etienne Losq(1985),International Asset Pricing under Mild Segmenta-tion:Theory and Test,The Journal of Financial,Vol.XL,No.l.
[29]Yuliya Demyanyk,Vadym Volosovych(2008),Gains from Financial Integration in the European Union:Evidence for New and Old Members,Journal of International Money and Finance 27:277-294.
[30]安丽丽.欧元对欧洲金融一体化的作用[D].中国社会科学院研究生院硕士学位论文,2001.
[31]陈漓高,吴鹏飞,刘宁.国际证券市场联动程度的实证分析[J].数量经济技术经济研究,2006,(11):124-132.
[32]戴钢.欧元启动后的欧洲证券市场[D].厦门大学硕士学位论文,2002.
[33]复旦大学欧洲问题研究中心.欧盟经济发展报告2007[M].上海:复旦大学出版社,2007.
[34]高铁梅.计量经济学分析方法与建模:Eviews应用及实例[M].北京:清华大学出版社,2006:249-297.
[35]郭灿.金融市场一体化程度的衡最方法及评价[J].国际金融研究,2004,(6):28-33.
[36]何敬中,宋德社.论欧洲证券市场的一体化[J].德国研究,2003,(1):31-38.
[37]李克强.欧盟金融一体化问题研究[D].吉林大学硕士学位论文,2006.
[38]刘培堂,吴文锋,吴冲锋.股价同向波动率:证券市场竞争力的重要衡量指标[J].上海金融,2006,(4):40-41.
[39]齐绍洲.欧盟证券市场一体化[M].武汉:武汉大学出版社,2002.
[40]孙文祥.欧元背景下的证券市场一体化研究[M].北京:经济科学出版社,2004.
[41]朱孟楠,郭春松.欧盟金融监管合作的经验与借鉴[J].发展研究,2006,(7):20-22.
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