| The Shanghai-Hong Kong Stock Connect is a bold and meaningful attempt of financial policy in the financial markets of the mainland and Hong Kong,as well as an integration of "one city,two systems".The opening of the Shanghai-Hong Kong Stock Connect not only strengthens the links between the mainland and Hong Kong,but also lays a good foundation for further opening up and internationalization of the mainland.In addition,the Shanghai-Hong Kong Stock Connect also plays an important role in promoting the internationalization of RMB.It not only attracts foreign funds into the A-share market,but also provides new investment channels for domestic investors.Our capital market is still at the weak efficient level.How the opening of Shanghai Stock Connect will affect the pricing efficiency of Shanghai A-Share is worth exploring.This paper first introduces the background of the opening of the Shanghai-Hong Kong Stock Connect.Besides explaining the basic situation of the opening of our capital market,it also introduces the basic connotation of the Shanghai-Hong Kong Stock Connect.The research significance is divided into theoretical significance and practical significance,which indicates the value of this paper for studying the impact of Shanghai-Hong Kong Stock Connect opening on the pricing efficiency of Shanghai A-shares.And from the capital market opening,pricing efficiency,Shanghai-Hong Kong stock Connect related three aspects of literature summary.Secondly,the third chapter systematically introduces the operation mechanism of Shanghai-Hong Kong Stock Connect,aiming to explain the shortcomings of the previous introduction of Shanghai-Hong Kong Stock Connect and the relevant literature of Shanghai-Hong Kong Stock Connect.Based on the literature research,theoretical basis and operation mechanism of the Shanghai-Hong Kong Stock Connect summarized in this paper,in order to fully study the impact of the opening of the Shanghai-Hong Kong Stock Connect on the pricing efficiency of China’s Shanghai A-shares,five hypotheses are put forward.First,the hypothesis is proposed on whether the opening of the Shanghai-Hong Kong Stock Connect has any impact on the pricing efficiency of Shanghai A-shares,and the effectiveness is measured by the degree of financial liberalization and the structure of market investors Tickets are grouped according to circulating market value,turnover rate and price-to-book ratio,and share price synchronization index and share price reaction speed index are constructed to measure the influence of the policy on pricing more comprehensively.Finally,according to the data index selected in this paper,the differential model is used to verify the hypothesis.Empirical research shows that the opening of the Shanghai-Hong Kong Stock Connect has improved the pricing efficiency of Shanghai A-shares,and has A more obvious effect on the improvement of the pricing efficiency of stocks with high circulating market value,low turnover rate and low price-to-book ratio.Therefore,combining the conclusion of previous empirical analysis and the opening of Chinese capital market and economic situation,it puts forward some relevant policy suggestions. |
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