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1、AbstractAbstractWiththedeepeningoftheprocessofglobalization,nationaleconomiesarebecomingmoreandmoreclosely,sinceChinajoinedtheWTOin2001,marketliberalizationeffortscontinuetoincrease,intheenjoymentofadividendatthesametimeopeningthecountry'sfinancialmarket.facingtheriskisgrowing,inwhichthema
2、inriskfrominternationalspeculativecapitalinflows,theimpactonChina'seconomy.Internationalspeculativecapital,showingthecharacteristicsofhighliquidity,profit-driven,high-destructive,ifitisunrestrictedinmassinfluxwillnotonlydisruptourfinancialorder,isaseriousthreattothehealthyoperationofournat
3、ionaleconomy,especiallyChina'sfinancialmarketsatthisstageisnotperfect,theregulatorysystemisnotsound,greaterpressurefacedbyinternationalspeculativecapitalinflowshocks.Therefore,theimpactfactorofinternationalspeculativecapitalintoChina'sresearchhasimportantpracticalsignificance.Thisarticlede
4、scribedonthebasisoftheresultsofdomesticandforeignscholarsinthepast,thesizeofourcountryinrecentyears,internationalspeculativecapitalinflows,approaches,andtheimpactofChina'smarket.Focusedontheimpactfactorofinternationalspeculativecapitalinflows,theauthorintheinspectiononthebasisoftherelevant
5、literatureathomeandabroad,andfurthercomprehensiveselectionofthespotexchangerate,theSino-USinterestratedifferentialfactors,thestockmarketfactors,therealestatemarketfactors,thedomesticmacroeconomicfactorssuchasthefiveelementsanalyzed,andaccordingtothecharacteristicsofinternationalspeculative
6、capital,short-termsensitivityof48monthsofmonthlydatafromJanuary2008toDecember2011onanempiricalfactorofinternationalspeculativecapitalinflows,Chinaanalysis.Usingthemethodofcointegrationanalysistoestablishalong-termequilibriummodelandthefinalestablishmentofshort-termdynamicerrorcorrectionmod
7、el.Theresultsshowedthatfivefactors,theSino-USinterestratedifferentialfactors,thestockmarketfactors,macro-economicfactorsofinternationalspeculativecapitalinflowhasasignificantinfluence,andrealestatefactorsandthespotexchangeratefactorsofinternationalspeculativec
