A Study On Shanghai-hong Kong Stock Connect Program To Shanghai And Hong Kong Stock Market Linkage

Shanghai and Hong Kong through the official opening in October 17,2014,that day,China's mainland Securities Regulatory Commission and the Hongkong Securities Regulatory Commission announced that Shanghai and Hong Kong through Hong kong.As a major event has milepost significance of historical financial reform on China,Shanghai and Hong Kong through the start,marked Chinese to the international financial market has taken a very important step,this is the most important step in the internationalization strategy for QFII,QDII and other related policies.Through market transparency analysis,effective market theory and market contagion theory,this paper comprehensively expounds the theoretical basis for the linkage changes between Shanghai and Hong Kong markets after the opening of Shanghai and Hong kong.Meanwhile,Shanghai and Hong Kong through the start of Shanghai and Hong Kong market linkage to promote the role of the hypothesis,empirical methods used,are selected to represent variables for further verification of this hypothesis,in the demonstration on the basis of the analysis to the market of Shanghai and Hong Kong through Shanghai and Hong Kong China's linkage mechanism.At the end of this article,the main conclusions of the full text are expounded,and some policy related suggestions are also put forward for reference.This thesis is divided into six parts:The first part is the introduction part.This section focuses on the background of Shanghai and Hong Kong through the start of the study and I study the deep motivation of Shanghai and Hong Kong through the Shanghai and Hong Kong through the study of the theory,the reality of the significance of reference.In order to write this article,the author lays special emphasis on the study of a lot of literature and classifies and summarizes them at the same time.The content of the study,research methods,research ideas,and the innovation of this article will be presented in the following space.In the literature review,this part mainly expounds the theoretical summary,domestic and international research review,and reviews all the literature.The second part,the relevant theoretical basis.Described the concept of Shanghai and Hong Kong through and characteristics,linkage concept,as well as the basic theory of linkage,including market transparency theory,efficient market theory,as well as market contagion theory.The third part,the current situation and influence of Shanghai and Hong Kong stock market linkage.In this part,the author first describes the current situation of the linkage between Shanghai and Hong Kong,Shanghai and Hong Kong,and the two cities before and after the opening of Hong Kong and shanghai.Then analysis of its significance,that is,Hong Kong and Shanghai through Hong Kong,Hong Kong,Shanghai and Hong Kong two cities linkage significance,a total of five points.Followed by Shanghai and Hong Kong through Hong Kong to accelerate the maturity of all aspects of the mainland stock market,and finally through the mainland and Hongkong stock market economic ties and trade links to explain the Shanghai and Hong Kong through Hong Kong and Shanghai role of practical reasons.The fourth part,the Shanghai and Hong Kong stock markets whether because of Shanghai and Hong Kong through the existence of linkage theory research part,from a number of angles to explain.The fifth part is the empirical analysis.The unit root test,cointegration test,VAR model,Grainger causality test four test were applied to this part,the author takes the corresponding variables,using the econometrics model of Shanghai and Hong Kong through market linkage significantly.The sixth part,draw the final overall conclusion,and put forward several policy recommendations and further research directions.Conclusion this thesis not only analyzes the Hong Kong and Shanghai,and for the study of the future analysis of the process of China's market opening linkage all changes to the framework to explore an effective theoretical and empirical analysis.At the same time,it provides reference for our policy makers and provides experience for Hong Kong,Shenzhen and Hong kong.