The Research On The Competition Relationship In The Security Markets Of Interconnection Mechanism

Under the background of the Shanghai-Hong Kong Stock Connect program and Shenzhen-Hong Kong Stock Connect program have been implemented,this paper measures the stock market competitive relationship with the Lotka-Volterra Model,and uses the Granger causality test to analyze the causes of the stock market competitive relationship.The conclusions are drawn as the follows.In Shanghai-Hong Kong Stock Connect program,the stock market competitive relationships between Shanghai and Hong Kong stock markets,in turn,experienced perfect competition,predator-prey and reciprocal coexistence,which is dynamic.Furthermore,the investors from Hong Kong and foreign countries are greatly affected by the actual operations and economic outlook of Shanghai stock market,while the investors of Shanghai stock,who are more concerned with the link between Hong Kong and other external factors,are less affected by the performance of the stock markets both in Shanghai and Hong Kong.In Shenzhen-Hong Kong Stock Connect program,the stock market competitive relationships between Shenzhen and Hong Kong stock markets during the entire sample period is perfect competition,which experienced dynamic changes from predator-prey to reciprocal coexistence during the subdivision stage.Besides,the investors from Hong Kong and foreign countries,who are attracted by the scarce plates and varieties and the prospects for the economic development of Shenzhen,are less affected by the the ups and downs of the stock market both in Shenzhen and Hong Kong,but the investors of Shenzhen are significantly affected by the market conditions in Hong Kong.