The Study Of Shanghai-hong Kong Stock Connect Impact On The Price Of Shanghai And Hong Kong Stock Market

Shanghai-Hong Kong Stock Connect is Shanghai and Hong Kong stock market interoperability mechanism,allowing investors to buy each other within the scope of the stock market of a way.Since November 17,2014 Shanghai-Hong Kong Stock Connect through the official opening,Shanghai-Hong Kong Stock Connect has been running smoothly.Shanghai-Hong Kong Stock Connect is an important milestone in China's capital market opening and accelerating the reform of the financial market system.It is an important milestone in the development of China's capital market in a more open and market-oriented direction.The study of the interaction between Shanghai-Hong Kong Stock Connect on the interaction between Shanghai and Hong Kong will help clarify the connotation of Shanghai-Hong Kong Stock Connect policies and promote the development of China's stock market in a more mature and healthy way.It has also played a key role in accelerating the process of capital liberalization in China Sexual function.By reading the recent academic research on Shanghai-Hong Kong Stock Connect,we can find that the main research direction of the scholars is the volatility spillover effect of Shanghai and Hong Kong after the opening and the stock price difference between A and H stock market.The research methods were mainly analyzed by GARCH model.This paper chooses the Shanghai Composite Index before April 10,2012 to April 9,2014,the Hang Seng Index daily closing price and Shanghai Port opened after November 17,2014 to November 1616,1616 Day of the Shanghai index,the Hang Seng Index daily closing price data.Using the sample data,the VAR model is used to analyze the sample,and the price relationship between Shanghai and Hong Kong stock market is established.Finally,Granger Causal Relation Test,VAR model regression index and impulse response function,variance decomposition and so on are expounded Shanghai and Hong Kong through the Shanghai and Hong Kong stock market mutual influence between the situation,and the Shanghai-Hong Kong Stock Connect before and after the opening of the actual situation were compared.The results show that the opening of Shanghai and Hong Kong to strengthen the Shanghai and Hong Kong stock market price between the ability of each other,which derived from the significance of the Shanghai-Hong Kong Stock Connect-opened.Through the empirical analysis of the meaning of Shanghai-Hong Kong Stock Connect,the paper further analyzes the mutually reinforcing relationship between Shanghai-Hong Kong Stock Connect and the internationalization of RMB--the internationalization of RMB stimulated the implementation of Shanghai-Hong Kong Stock Connect and the implementation of Shanghai and Hong Kong Connect further accelerated the internationalization of RMB.The In addition,the opening of Shanghai and Hong Kong Connect,the introduction of more relatively mature investor groups,which enhance the maturity of the mainland stock market has a positive impact.Finally,the Shanghai and Hong Kong Connect and Shenzhen-Hong Kong Stock Connect has just opened a further improvement for the development of China's stock market,also for the Hong Kong stock market offshore business status is more established,for China's future may be carried out in the bond market,the further opening up the monetary market policy Provides a reference for China's capital market eventually to fully open,market-oriented and lay an important foundation.