)РР犃犫狊狋狉犪犮狋:The ARMAEGARCHVine Copula modelisusedtostudythecorrelationstructureamongРBRICSstockindicesinaphasedmanner,takingthelockdowntimeundertheepidemicasthecutoffpoint.РOnthisbasis,theRiskSpilloverintensityisdescribedbyCoVaR.TheresultsshowthattheasymmetricРcopulafunctiondominatesundertheepidemic,thecorrelationcoefficientamongstock marketsincreasesРsignificantly,thesynergisticmovementamongmarketsisenhanced,andthetailvolatilityofonefinancialРmarketis morelikelytocausevolatilityinotherfinancial markets,thuscausingriskcontagion.TheРCoVaRseriesfittedbythevinecopulafunctionhascertainguidanceforcontrollingfinancialsystemrisk.РР犓犲狔狑狅狉犱狊:BRICscountries;RiskSpillover;VineCopula;relevanceРР (责任编辑 张 娣)