本文選題：國際板 + Ａ股市場��； 參考：《遼寧大學》2012年碩士論文

【摘要】：上海證券交易所適時決定吸引境外企業(yè)來境內(nèi)發(fā)行股票并上市交易，積極籌備為境外股票交易的“國際板”，這在較大程度上將提高我國證券市場的國際化程度，是實現(xiàn)我國證券市場國際化金融戰(zhàn)略的重大舉措，是我國證券交易所謀求國際化發(fā)展、提高國際競爭力的重要手段，同時也是我國建設國際金融中心的核心環(huán)節(jié)。 境外企業(yè)境內(nèi)股票發(fā)行與上市將對境內(nèi)投資者股東權益、境內(nèi)金融安全和經(jīng)濟秩序產(chǎn)生重要影響。股票價格本身是金融市場較有代表意義的指標，又是反映一國國民經(jīng)濟的晴雨表，因此，近年來分析國際板對股市及A股股價影響的文章較多，這其中鮮少是從影響股價的基本因素理論入手的。本文認為，國際板對于Ａ股股價起到的是間接影響，并以影響股價的基本因素為媒介，研究了國際板開通后，將會以何種途徑對股價產(chǎn)生影響及產(chǎn)生怎樣的影響。文章通過對宏觀經(jīng)濟、行業(yè)、公司內(nèi)部及市場資金四個層面、九個具體因素的研究，，發(fā)現(xiàn)國際板如果開通，各因素對Ａ股股價的影響方向、程度并不一致，因此，不能簡單的用利多或利空來定性國際板開通這一事件。 既然國際板對Ａ股股價影響較為復雜，那么Ａ股中各參與主體就應了解這一影響過程并實施相應的對策。文章的最后對股市監(jiān)管者、Ａ股上市公司以及國內(nèi)的投資者提出了應對建議。
[Abstract]:The Shanghai Stock Exchange has timely decided to attract overseas enterprises to issue and list shares in China and actively prepare for an "international board" for overseas stock trading. This will to a large extent increase the degree of internationalization of China's securities market. It is an important measure to realize the international financial strategy of China's securities market, an important means for our stock exchanges to seek international development and improve their international competitiveness, and also the core link of building an international financial center in our country. Domestic stock issuance and listing of overseas enterprises will have an important impact on shareholders' rights and interests, financial security and economic order of domestic investors. The stock price itself is a representative indicator of the financial market and a barometer of a country's national economy. Therefore, in recent years, there have been more articles analyzing the impact of international boards on the stock market and A-share prices. Few of them are based on the theory of the basic factors that affect the stock price. This paper holds that the international board has an indirect influence on the share price of A shares, and with the basic factors affecting the stock price as the medium, this paper studies the ways in which the international board will have an impact on the stock price after the opening of the board and what kind of influence it will have on the stock price. Through the study of four levels of macro economy, industry, internal and market capital, and nine specific factors, it is found that if the international board is opened, the influence direction and degree of each factor on A share price are not consistent, therefore, Can not simply use the Lido or bad to define the international board opened this event. Since the impact of international board on A-share price is more complicated, the participants in A-shares should understand the process of the impact and implement the corresponding countermeasures. At the end of the article, some suggestions are put forward to the stock market regulators, A-share listed companies and domestic investors.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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本文編號：1944843