本文關(guān)鍵詞：滬港通背景下我國內(nèi)地股市和香港股市的聯(lián)動機制研究　出處：《沈陽工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 內(nèi)地股市 香港股市 聯(lián)動效應(yīng) 實證分析

【摘要】：我國股票市場從產(chǎn)生到現(xiàn)在已有近三十年的歷史,經(jīng)過不斷的改革和完善,已逐漸形成一定的規(guī)模。一些內(nèi)地的機構(gòu)投資者逐漸發(fā)展壯大起來,陸續(xù)在香港股票市場發(fā)行上市,使內(nèi)地與香港之間的貿(mào)易往來更加頻繁,內(nèi)地股市與香港股市間的聯(lián)動關(guān)系日益凸顯。而香港作為重要的國際金融中心和內(nèi)陸經(jīng)貿(mào)窗口,對內(nèi)地資本市場的開放和發(fā)展起到了重要的指引作用,其發(fā)展變動必將在較大程度上對內(nèi)地股市產(chǎn)生影響。尤其是隨著滬港通的開啟,我國內(nèi)地股市和香港股市之間的互聯(lián)互通機制開始建立起來,推動了我國的金融改革開放和人民幣的跨境流通,使得越來越多的內(nèi)地投資者將香港作為重要的境外投資市場,兩地股市間的經(jīng)濟貿(mào)易合作越來越密切。因此,研究新環(huán)境下我國內(nèi)地股市與香港股市之間的聯(lián)動效應(yīng)就顯得尤為重要。本文首先對研究的背景、意義、方法以及內(nèi)容和結(jié)構(gòu)進行了詳細闡述;其次,根據(jù)所查閱資料和國內(nèi)外文獻綜述,對論文涉及到的相關(guān)定義和內(nèi)在機制進行分析;再次,在對滬港通進行詳細闡述的同時,對我國內(nèi)地股市和香港股市的經(jīng)濟貿(mào)易聯(lián)系現(xiàn)狀和內(nèi)地在港上市公司狀況進行簡述,分析得出兩股市之間的經(jīng)濟聯(lián)系;最后,對本文所需采用的檢驗方法和原理進行詳細介紹,并選取2005年5月9日到2016年11月30日的上證綜合指數(shù)、香港恒生指數(shù)和國企指數(shù)的收盤數(shù)據(jù)為樣本,分三個階段進行實證分析。研究發(fā)現(xiàn):在前兩個階段,我國內(nèi)地股市和香港股市存在一定程度的分割性,協(xié)整關(guān)系和相互影響程度較弱,而在第三階段,隨著滬港通的開通,兩地股票指數(shù)開始出現(xiàn)同步變化,協(xié)整關(guān)系和相互影響程度逐漸增強,尤其是上證指數(shù)和國企指數(shù)之間的影響尤為明顯。據(jù)此,對投資者、監(jiān)管機構(gòu)和政府部門提出建議,牢牢把握滬港通帶來的機遇,在合理規(guī)避風(fēng)險的前提下通過股市聯(lián)動機制獲取收益。
[Abstract]:China's stock market has nearly 30 years of history from the emergence to now, through continuous reform and improvement, has gradually formed a certain scale, some institutional investors in the mainland have gradually developed and strengthened. One after another, the Hong Kong stock market has been issued and listed, which has made the trade between the mainland and Hong Kong more frequent. As an important international financial center and inland economic and trade window, Hong Kong has played an important role in guiding the opening and development of the mainland's capital market. Especially with the opening of the Stock Connect between Hong Kong and Shanghai, the interconnection mechanism between the mainland stock market and Hong Kong stock market began to be established. It has promoted China's financial reform and opening up and the cross-border circulation of RMB, making more and more mainland investors regard Hong Kong as an important overseas investment market, and the economic and trade cooperation between the two stock markets is becoming closer and closer. It is particularly important to study the linkage effect between the mainland stock market and Hong Kong stock market in the new environment. Firstly, the background, significance, method, content and structure of the study are described in detail. Secondly, according to the literature review and literature review, the related definitions and internal mechanisms involved in the paper are analyzed. At the same time, the paper gives a brief account of the economic and trade links between the mainland stock market and the Hong Kong stock market and the status of the listed companies in Hong Kong, and analyzes the economic links between the two stock markets. Finally, the paper introduces the testing method and principle in detail, and selects the Shanghai Composite Index from May 9th 2005 to November 30th 2016. The closing data of Hang Seng Index and SOE Index in Hong Kong are analyzed in three stages. The results show that the mainland stock market and Hong Kong stock market are separated to a certain extent in the first two stages. The degree of cointegration and mutual influence is weak, and in the third stage, with the opening of the Stock Connect, the stock index between the two places began to change synchronously, and the degree of co-integration and mutual influence gradually increased. In particular, the impact between the Shanghai Stock Exchange index and the state-owned enterprise index is particularly obvious. Accordingly, investors, regulators and government departments are advised to firmly grasp the opportunities presented by the Stock Connect between Shanghai and Hong Kong. In the premise of reasonable risk avoidance through the stock market linkage mechanism to obtain income.
【學(xué)位授予單位】：沈陽工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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