国际板对A股股价的影响研究

发布时间：2018-05-28 02:22

本文选题：国际板 + Ａ股市场　；参考：《辽宁大学》2012年硕士论文

【摘要】：上海证券交易所适时决定吸引境外企业来境内发行股票并上市交易，积极筹备为境外股票交易的“国际板”，这在较大程度上将提高我国证券市场的国际化程度，是实现我国证券市场国际化金融战略的重大举措，是我国证券交易所谋求国际化发展、提高国际竞争力的重要手段，同时也是我国建设国际金融中心的核心环节。境外企业境内股票发行与上市将对境内投资者股东权益、境内金融安全和经济秩序产生重要影响。股票价格本身是金融市场较有代表意义的指标，又是反映一国国民经济的晴雨表，因此，近年来分析国际板对股市及A股股价影响的文章较多，这其中鲜少是从影响股价的基本因素理论入手的。本文认为，国际板对于Ａ股股价起到的是间接影响，并以影响股价的基本因素为媒介，研究了国际板开通后，将会以何种途径对股价产生影响及产生怎样的影响。文章通过对宏观经济、行业、公司内部及市场资金四个层面、九个具体因素的研究，，发现国际板如果开通，各因素对Ａ股股价的影响方向、程度并不一致，因此，不能简单的用利多或利空来定性国际板开通这一事件。既然国际板对Ａ股股价影响较为复杂，那么Ａ股中各参与主体就应了解这一影响过程并实施相应的对策。文章的最后对股市监管者、Ａ股上市公司以及国内的投资者提出了应对建议。
[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.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【相似文献】