基于C opu la函数导出的尾部相关性,以四个国家的股票指数的对数收益率序列为研究对象,分析了次贷危机前后国际股票市的相关结构变动,结果表明次贷危机后国际股票市场尾部相关系数比危机前大,这说明次贷危机对国际股票市场的相关结构产生了重大影响,危机期间各国的股票市场联系更加紧密. Based on the tail correlation derived from the C opu la function, this paper takes the logarithmic return series of the stock indices in four countries as the research object and analyzes the relative changes of the international stock markets before and after the subprime crisis. The results show that after the subprime mortgage crisis, The correlation coefficient in the tail of the market is larger than that before the crisis, which shows that the subprime mortgage crisis has had a significant impact on the relative structure of the international stock market. During the crisis, the stock market in various countries was more closely linked.