本研究從一個網絡分析的角度，探討各國總體經濟之間，與總體經濟和國際股市網絡地位的動態關係。在過去研究中，已多有證明總體經濟表現對股票市場間報酬率、報酬波動度連動程度的影響，然而若以傳統計量模型檢驗市場間報酬率連動性，並無法觀察到單一市場在整個國際股市網絡中地位的變化，亦無法看出整個國際股市網絡結構隨著時間改變而整合、分散的關係，本研究的第一個目的在於瞭解股市在國際網絡中的中心性、連結性等與總體經濟變化的關係。利用網絡分析，本研究將觀察並解釋單一市場的總體經濟表現對其在國際間網絡地位的影響，並利用各項世界經濟指標，如國際物價膨脹率、世界生產總值等，解釋國際股票市場結構變化與穩定性。本研究的第二個目的，在分析股市報酬率和其網絡中心性等特質的關係，以瞭解資訊流對股市報酬的影響。另外，本研究也會建構國際總體經濟變數之網絡，以資料視覺化的方式與國際股票網絡做對照，觀察兩者之動態關係，預期將能補充傳統分析方式看不出來的一些現象。最後，本研究也參考了過去經濟制裁的案例，從國際股市網絡關係與國際產業鏈的角度，對中美貿易戰未來的狀況提出看法。

This study attempts to explore the relations among macroeconomics and international stock markets with network analysis approach, a new look at an old question.
Numerous studies have dwelled on the relations between macroeconomics and stock returns, however, the conventional econometric approach may not be able to fully disclose the complexity of the connections among international stock markets network and macroeconomics. The purposes of this study are threefold: 1. To construct the international stock market return network and examine the effect of macroeconomics on the topology (e.g., centrality and modularity) of the stock market. 2. To investigate the effect of network topology parameters on stock market returns. For example, is a stock market with higher centrality more profitable? 3. To construct the international macroeconomics network and explore the dynamic relations between the two networks via data visualization. More information or even new facts may be found by observing the pattern of the two networks’ changes dynamically over time.

Chapter 1 INTRODUCTION 1
1.1 Background Information 1
1.2 Research Purpose 8
1.3 Research Contribution 8
Chapter 2 LITERATURE REVIEW 9
Chapter 3 METHODOLOGY 14
3.1 Data Description 15
3.2 Network Analysis 16
3.3 Stability 22
3.4 Upstreamness and The Change of Global Value Chains 23
3.5 Vector Autoregression of stock return and network parameter 23
3.6 Node-Level Stock Network and Regression Analysis 24
3.7 Graph-Level Stock Network and Regression Analysis 25
Chapter 4 EMPIRICAL RESULTS 26
4.1 Descriptive Statistics 26
4.1.2 Graph-Level Stock Network and Macroeconomic Network 31
4.1.3 Upstreamness and The Change of Global Value Chains 39
4.1.4 IMD World Competitiveness Index 42
4.2 Vector Autoregression of stock return and network parameter 43
4.3 Regression Analysis of Node-Level Stock Network 45
4.4 Regression Analysis of Graph-Level Stock Network 49
4.5 Related case discussion—“The US-China Trade War” 52
Chapter 5 CONCLUSION 54
5.1 Conclusion 54
5.2 Suggestions for future research 55

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