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1、AbstractGlobalassetallocation,thattheuseofglobalfinancialmarketsforthedifferent
characteristicstomakedecentralizedinvestment,hasbecomeanconsensusof
internationalcapitalinvestment.QDIIisanmarketmodelforthelimitedopeningupof
China'scapitalmarket.Withtheeconomicandfinancialglobalization,
2、andthetrend
towardintegration,ithasledtoChinesefinancialandsecuritiesindustry’sformalentry
intothedevelopmentstageofoperationinaglobalvision.However,QDII’soverseas
decentralizedinvestmentperformance,marketdominated,isnotsatisfactorysinceits
launch.Therefore,thispapermadeauseofdatasamp
3、lesfrom2000to2008,including
17developedstockmarketindices,10Asianemergingstockmarketindices,aswellas
10globalindustryplateindices.Throughanalyzingthecorrelationofthemarketand
sectorfactors,thispaperaimstoexplorethefocusedfactorofinternationalasset
allocationonthebackgroundofeconomicgl
4、obalization.Mainresearchresultsand
conclusionsareasfollows:1,Thecertificationofthemarketfactorontheimpactofinternationalassetallocation.
Thispaperfoundthatthedevelopedstockmarkethasaveryhighcorrelation,andthe
market-orienteddecentralizedinvestmenteffectisgraduallyweakening.Thereasonis
5、
thateconomicglobalizationmakesallthecountriesshowasynchronouseconomic
fluctuations,andglobaleconomiccycleleadtotheweakeningofthemarketfactor,
whichisnotconsistentwiththetraditionaltheoryofinternationalassetallocation.At
thesametime,arelativelylowlevelofcorrelationismaintainedinandout
6、ofAsian
emergingstockmarkets.Somarket-orienteddecentralizedinvestmentisstillvalid.This
isbecausethefinancialcontrolsoftheemergingcountriesrestrictthefreeflowof
internationalcapital,andthey’reindependentinsomeway.2,Thecertificationofindustryfactorontheimpactofinternationalassetallocati
7、on.
Thispaperfoundthatthere’redifferencesinthecorrelationsofglobalindustrysegments.
Partoftheindustrieshavelowandevennegativecorrelations.Thisisbecausedifferent
typesofassetsandsectorsareinthedifferentlifecycles,andtheimpactofthe
economiccycleisalsodifferent.Thereforethesector-oriente
8、ddece
