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本文从行业视角出发,研究了我国A股市场的世界一体化与区域一体化的动态进程。研究发现:特定行业因素对工业、原材料和金融行业的冲击超过了外界因素对A股市场整体的影响;与世界因素相比,亚洲区域因素对A股指数及大多数行业的影响占据主导地位;在次贷危机期间,亚洲区域因素对A股市场中金融行业的影响最大,金融行业成为亚洲区域风险向国内市场传递的主要载体。
From the perspective of industry, this paper studies the dynamic process of world integration and regional integration in China’s A-share market. The research finds that the impact of certain industry factors on the industry, raw materials and financial industry exceeds the overall impact of external factors on the A-share market. Compared with the world factor, the influence of Asian regional factors on the A-share index and most industries dominates; During the subprime crisis, the Asian regional factors had the greatest impact on the financial industry in the A-share market, and the financial industry became the main carrier of regional risk transmission to the domestic market in Asia.