| In 2014 the State Council issued “several opinions on further promoting the healthy development of the capital market”,this paper proposed that the State Council is willing to pay attention to the opening of Chinese capital market.According to the plan,Shanghai and Hong Kong can timely launch,not only show the China government has the determination to improve the financial system,but also become the basis for Shenzhen and Hong Kong and other cross-border investment pilot in the future.The development of the domestic capital market has a big difference compared to Hong Kong and other countries which financial industry has developed rapidly,whether it is from the institutional system,supervision and management,market perfection and the level of the investors.Shanghai and Hong Kong as a major reform in the A stock market,it not only can accelerate the reform and development of the A stock market,but also can promote the liquidity of securities market,with broader investment platform for the investors in the two markets.In addition,Shanghai and Hong Kong increases the flow of funds between the two capital markets and the consolidation of the two financial center,meanwhile conducive to the mainland financial market integration with the international market,to achieve a win-win situation of the two capital markets in two-way open development.After the opening of Shanghai and Hong Kong,A stock market has a bull market again after 7 years.A large number of foreign capital has a big effection to inflow this bull market started,the interconnection of such a cross-border investment pilot opening will bring enough confidence to the mainland capital market investors.However,facing the differences of the two capital markets in financial system,trading rules,regulatory policies and the information of investors which may lead to the occurrence of new financial risks in the mainland capital market.This paper will based on the financial theory as the research foundation,focuses on the marketing reaction and changes of the behavior of investors in the a stock market and A-H share price after Shanghai and Hong Kong opening,we'll base on the real data and the analysis of objective facts to research the influence of A stock market that Shanghai and Hong Kong brings.Through this study,investors can have a more clear understanding of Shanghai and Hong Kong.Facing other cross-border pilot opened will be more rational,strengthen their own financial awareness,converting non rational investment,improve risk awareness,and constantly adapt to the complex capital market.In addition,the opening of Shanghai and Hong Kong gived an alarm to the mainland regulatory agency which need to strengthen the supervision of its own,improve the regulatory system,strengthen investor protection and prevent the occurrence of financial risks during strengthening reform and opening up time. |
PDF Full Text Request