套利动机对国际短期资本流入中国的影响——基于中国证券市场国际化比较的视角

依据国际短期资本流入的流量理论，以中国证券市场为代表，与国际上主要国家的证券市场的收益和风险进行对比的实证分析发现，中国证券市场具有相对较高的单位风险收益率，且受国际资本市场的扰动较小，具有较强的独立性等特点，在西方发达国家经济发展放缓背景下，中国的资产市场构成了国际短期资本避险和套利的优良场所。

A Research on the Effect of Arbitrage Motives to the International Short-term Capital Inflows in China

Based on the theory of international short-term capitacl inflow,represented by the China's stock market and compared with the international main countries on the profit and venture of the stock market,the empirical analysis shows that China's securities market has finally reached a relatively high yield of the unit risk and greater independence which is going to become the Harbour of the arbitrage and avoid risks to the international short-term capital under the background of the Western developed countries economic slowdown.