“深港通”的实施对我国股票市场的短期影响分析

发布时间：2018-06-18 11:15

本文选题：深港通 + 事件研究法　；参考：《中国注册会计师》2017年10期

【摘要】："深港通"的开通对我国证券市场的规范化和国际化建设具有重要意义,但也同时存在给股市造成较大动荡的可能性。本文运用事件研究法,以"深港通"首批股票为样本,通过研究发现:从总体上看,"深港通"的开通对深股和港股样本公司的股价波动影响不大、影响时间较短且呈递减趋势。其中,对深股样本公司的整体影响趋近于0,而对港股样本公司有负影响(且在统计上有显著性);从分市场角度看,其对深市主板样本公司有正影响(且在统计上有显著性),对中小板样本公司有正影响、但影响幅度低于主板,而对创业板样本公司则有负影响(且在统计上有显著性)。由此可见,"深港通"的开通前期,市场总体运行平稳,并未给我国股市造成较大影响。
[Abstract]:The opening of "Shenzhen-Hong Kong Link" is of great significance to the standardization and internationalization construction of China's securities market, but it also has the possibility of causing great turbulence to the stock market. By using the method of event research and taking the first stock of Shenzhen-Hong Kong Link as samples, this paper finds that the opening of Shenzhen-Hong Kong Link has little effect on the fluctuation of stock price of Shenzhen stock and sample company of Hong Kong stock, and the influence time is shorter and the trend is decreasing. Among them, the overall impact on the deep-stock sample companies is approaching zero, while on the Hong Kong stock sample companies there is a negative impact (and statistically significant; from the point of view of the sub-market, It has positive influence on the sample company of Shenzhen main Board (and has significant statistical influence on the sample company of small and medium-sized board, but the influence range is lower than that on the main board, but has negative influence on the sample company of gem (and has statistical significance). This shows that, "Shenzhen Hong Kong Link" before the opening, the overall operation of the market smooth, did not have a greater impact on China's stock market.
【作者单位】：湖北经济学院会计学院湖北会计发展研究中心;
【分类号】：F832.51

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