沪港通市场动态互动关系研究——基于Lotka-Volterra金融生态模型

发布时间：2018-01-12 21:14

  本文关键词：沪港通市场动态互动关系研究——基于Lotka-Volterra金融生态模型　出处：《南方金融》2017年04期 　论文类型：期刊论文

  更多相关文章： 股票市场 沪股通 港股通 金融生态 资本项目开放

【摘要】：本文运用生态学中的Lotka-Volterra模型,分析沪港通制度安排下沪股通和港股通的互动竞争关系,并进一步运用VAR模型和Granger因果检验分析该互动竞争关系的形成机理。研究结果表明:香港及国际投资者依据内地市场实际运行环境进行投资,而内地投资者的投资热情不会显著受到香港市场行情的影响,因而样本期间沪市与港市存在捕食—诱饵关系;但沪市与港市之间的互动关系尚不稳定,沪港通启动以来两市依次经历了互惠共生、捕食—诱饵和完全竞争的关系。为推动沪市和港市形成两市互惠共生、共同发展的生态关系,内地需要推动股票市场稳定发展,完善市场机制,改善投资者结构,加强投资者教育。
[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.
【作者单位】： 合肥工业大学经济学院;
【分类号】：F832.51
【正文快照】： 一、引言在中国资本市场逐步融入国际市场的背景下,2014年4月10日,中国证监会和香港证监会联合发布公告,宣布开展内地股票市场与香港股票市场交易互联互通机制的试点,即沪港通。通过该机制,允许香港及国际投资者通过港交所设立的证券交易服务公司,向上交所申报买卖试点范围内，

本文编号：1416025