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Effect Analysis of Covid-19 on China’s Capital Market for Property-Rights Exchange Based on Functional Clustering

Author

Listed:
  • Yu Zhou

    (College of Economics and Management, Inner Mongolia University, Hohhot 010021, Inner Mongolia, P. R. China)

  • Zitong Guo

    (Institute of Systems Engineering, Dalian University of Technology, Dalian 116024, Liaoning, P. R. China)

  • Gang Kou

    (Xiangjiang Laboratory, Changsha 410205, Hunan, P. R. China)

  • Sumuya Borjigin

    (College of Economics and Management, Inner Mongolia University, Hohhot 010021, Inner Mongolia, P. R. China)

Abstract

In August 2015, the State Council of the People’s Republic of China listed China’s capital market for property-rights exchange as the capital market along with the Chinese stock market. Consequently, China’s capital market for property-rights exchange is an integral part of the country’s multilayered capital market. The COVID-19 pandemic has had significant effects on the capital markets. Since China’s capital market for property-rights exchange mainly serves nonlisted companies, it is complicated to obtain its exchange data to perform COVID-19’s effect analysis. This study investigates COVID-19’s effect on China’s capital market for property-rights exchange. In this paper, we collected the online property rights-exchange data from 2017 to 2020 of an electric trading platform. The functional principal component analysis method is innovatively introduced to explore the online property rights-exchange fluctuation to get an insight into COVID-19’s effect on China’s capital market for property-rights exchange. Based on the principal component scores, COVID-19’s effect on different property rights-exchange institutions are divided into two categories using principal component clustering. A time-series model is used to quantify the effects in the two categories. The research results finally show that online property rights-exchange can reduce the negative effect of COVID-19 on China’s capital market for property-rights exchange, which encourages property rights-exchange institutions to accelerate the use of the online platform to overcome the challenges of the pandemic.

Suggested Citation

  • Yu Zhou & Zitong Guo & Gang Kou & Sumuya Borjigin, 2024. "Effect Analysis of Covid-19 on China’s Capital Market for Property-Rights Exchange Based on Functional Clustering," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 23(06), pages 2399-2427, November.
    • Handle: RePEc:wsi:ijitdm:v:23:y:2024:i:06:n:s0219622024500111
    DOI: 10.1142/S0219622024500111
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