| The much-anticipated Shanghai-Hong Kong Stock Connect program was launched in November 17 th,2014.Shanghai-Hong Kong Stock Connect program means that the SSE and SEHK allow the investors of the two sides to trade eligible shares listed on the other’s market via local securities firms or brokers.It is a cross-market stock investment program between Shanghai and Hong Kong. Such a program actual choice of the economical entity who forbids their money to be exchanged freely.The Shanghai-Hong Kong Stock Connect programisa kind of innovation under the purpose of keeping sage of finance of those marketing countries and areas. Under the wave of global economic integration, many developing countries integrated with the world market through opening the securities market. The Shanghai-Hong Kong Stock Connect Program was a model which avoided our stock market opening directly, it deepened many open measures such as QFII(Qualified Foreign Institutional Investors),and provided some reproducible experience for Shenzhen-Hong Kong Stock Connect Program.Firstly, this paper focused on the main point of Shanghai-Hong Kong Stock Connect Program in terms of the system, investment target, investment quota and investors, and elaborated the differences between the characteristics of Shanghai-Hong Kong Stock Connect Program and of other entries of foreign capital. To infer the background when Shanghai-Hong Kong Stock Connect Program launched through the analysis of internal and external environment, to strive to summarize the real-time effect of Shanghai-Hong Kong Stock Connect Program by dynamic tracking.Secondly, to summarize and revel the positive effects on the stock market of out country in the period of the initial 18 months’ operation of Shanghai-Hong Kong Stock Connect Program mechanism, and some risk produced by the operation of this mechanism brought to the market and investors was discovered. When the broad masses of investors realized the risk, they would take precautions, and that would promote the healthy development of financial market and the continuous improvement of the new system.After that, to discuss the choice of open mode of our country on the basis of concluding several main open mode of foreign capital market and the analysis of experience. China’s economy size ranked the third in the world, but the financial markethad a short development time. Therefore gradual open was needed to ensure the stability and safety of financial system, In the end, the policy suggestions for Shanghai-Hong Kong Stock Connect Program system improvement and development of Shanghai-Hong Kong Stock Connect Program in our country in the future were made by program discovering, analyzing, discussing and summarizing. |
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