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

Yu Zhou, Zitong Guo (), Gang Kou and Sumuya Borjigin ()
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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

International Journal of Information Technology & Decision Making (IJITDM), 2024, vol. 23, issue 06, 2399-2427

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.

Keywords: Capital market; property rights-exchange; COVID-19; effect analysis; functional principal component analysis; functional clustering; e-commerce (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0219622024500111

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