本文關(guān)鍵詞：滬港通市場(chǎng)動(dòng)態(tài)互動(dòng)關(guān)系研究——基于Lotka-Volterra金融生態(tài)模型　出處：《南方金融》2017年04期 　論文類(lèi)型：期刊論文

  更多相關(guān)文章： 股票市場(chǎng) 滬股通 港股通 金融生態(tài) 資本項(xiàng)目開(kāi)放

【摘要】：本文運(yùn)用生態(tài)學(xué)中的Lotka-Volterra模型,分析滬港通制度安排下滬股通和港股通的互動(dòng)競(jìng)爭(zhēng)關(guān)系,并進(jìn)一步運(yùn)用VAR模型和Granger因果檢驗(yàn)分析該互動(dòng)競(jìng)爭(zhēng)關(guān)系的形成機(jī)理。研究結(jié)果表明:香港及國(guó)際投資者依據(jù)內(nèi)地市場(chǎng)實(shí)際運(yùn)行環(huán)境進(jìn)行投資,而內(nèi)地投資者的投資熱情不會(huì)顯著受到香港市場(chǎng)行情的影響,因而樣本期間滬市與港市存在捕食—誘餌關(guān)系;但滬市與港市之間的互動(dòng)關(guān)系尚不穩(wěn)定,滬港通啟動(dòng)以來(lái)兩市依次經(jīng)歷了互惠共生、捕食—誘餌和完全競(jìng)爭(zhēng)的關(guān)系。為推動(dòng)滬市和港市形成兩市互惠共生、共同發(fā)展的生態(tài)關(guān)系,內(nèi)地需要推動(dòng)股票市場(chǎng)穩(wěn)定發(fā)展,完善市場(chǎng)機(jī)制,改善投資者結(jié)構(gòu),加強(qiáng)投資者教育。
[Abstract]:This paper uses the Lotka-Volterra model in ecology to analyze the interactive competitive relationship between Shanghai Stock Connect and Hong Kong Stock Connect under the arrangement of Shanghai-Hong Kong Stock Connect system. Furthermore, VAR model and Granger causality test are used to analyze the formation mechanism of the interactive competitive relationship. The results show that Hong Kong and international investors invest according to the actual operating environment of the mainland market. However, the investment enthusiasm of mainland investors will not be significantly affected by the Hong Kong market, so there is a predator-bait relationship between the Shanghai stock market and the Hong Kong market during the sample period. However, the interaction between Shanghai Stock Exchange and Hong Kong Stock Exchange is not stable. Since the launch of the Stock Connect, the two markets have experienced reciprocal symbiosis, predator-bait and complete competition in order to promote the formation of reciprocal symbiosis between Shanghai Stock Exchange and Hong Kong Stock Exchange. The common development of ecological relationship, the mainland needs to promote the stable development of the stock market, improve the market mechanism, improve the structure of investors, and strengthen investor education.
【作者單位】： 合肥工業(yè)大學(xué)經(jīng)濟(jì)學(xué)院;
【分類(lèi)號(hào)】：F832.51
【正文快照】： 一、引言在中國(guó)資本市場(chǎng)逐步融入國(guó)際市場(chǎng)的背景下,2014年4月10日,中國(guó)證監(jiān)會(huì)和香港證監(jiān)會(huì)聯(lián)合發(fā)布公告,宣布開(kāi)展內(nèi)地股票市場(chǎng)與香港股票市場(chǎng)交易互聯(lián)互通機(jī)制的試點(diǎn),即滬港通。通過(guò)該機(jī)制,允許香港及國(guó)際投資者通過(guò)港交所設(shè)立的證券交易服務(wù)公司,向上交所申報(bào)買(mǎi)賣(mài)試點(diǎn)范圍內(nèi)，

本文編號(hào)：1416025