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J. Info. Tech. Dec. Mak."],"published-print":{"date-parts":[[2024,11]]},"abstract":"<jats:p> In August 2015, the State Council of the People\u2019s Republic of China listed China\u2019s capital market for property-rights exchange as the capital market along with the Chinese stock market. Consequently, China\u2019s capital market for property-rights exchange is an integral part of the country\u2019s multilayered capital market. The COVID-19 pandemic has had significant effects on the capital markets. Since China\u2019s capital market for property-rights exchange mainly serves nonlisted companies, it is complicated to obtain its exchange data to perform COVID-19\u2019s effect analysis. This study investigates COVID-19\u2019s effect on China\u2019s 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\u2019s effect on China\u2019s capital market for property-rights exchange. Based on the principal component scores, COVID-19\u2019s 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\u2019s 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. <\/jats:p>","DOI":"10.1142\/s0219622024500111","type":"journal-article","created":{"date-parts":[[2024,7,27]],"date-time":"2024-07-27T04:00:01Z","timestamp":1722052801000},"page":"2399-2427","source":"Crossref","is-referenced-by-count":0,"title":["Effect Analysis of Covid-19 on China\u2019s Capital Market for Property-Rights Exchange Based on Functional Clustering"],"prefix":"10.1142","volume":"23","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-6196-5012","authenticated-orcid":false,"given":"Yu","family":"Zhou","sequence":"first","affiliation":[{"name":"College of Economics and Management, Inner Mongolia University, Hohhot 010021, Inner Mongolia, P. R. 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