本文提出了基于谱聚类方法、独立成分分析、GARCH和VAR的金融风险多渠道协同传染模型。从中证行业指数角度出发,利用该模型实证分析了欧洲主权债务危机背景下全球主要股票市场对我国股市的多渠道协同波动溢出效应。实证结果表明欧洲主权债务危机分多个渠道影响我国股市的不同行业指数的波动率,并且波动溢出呈现集中性特点。 In this paper, we propose a multi-channel collaborative infection model of financial risk based on spectral clustering, independent component analysis, GARCH and VAR. From the perspective of the CSI index, this model is used to empirically analyze the multi-channel synergy and spillover effect of the major global stock markets on China’s stock market in the context of European sovereign debt crisis. Empirical results show that the sovereign debt crisis in Europe affects the volatility of different industry indices in many markets in China in multiple channels, and the volatility spillover has a concentrated characteristic.