| Shenzhen-Hong Kong stock connect is approved by the China Securities Regulatory Commission and officially launched the interoperability mechanism of the Hong Kong stock market connection in December 5,2016.It is another important measure for the opening of capital China market after the Shanghai Hong Kong connect.From a long-term strategic point of view,management hopes to reduce the level of market segmentation in the domestic and international markets.Close the gap between the markets and accelerate the pace of the construction of the market environment and the institutional environment,and thus improve the efficiency of the market and the efficiency of the allocation of resources.At the same time,it also hopes to realize the short-term goal of improving the structure of investors in the mainland stock market,introducing more mature institutional investors,changing the behavior of mainland investors and cultivating the concept of value investment.However,through more than one year's visual observation of the Shenzhen Hong Kong system,we clearly feel that the flow of funds in the two markets is extremely asymmetric,the total outflow of South capital is rising by the Gaogang index of innovation,and the north capital shows a low net inflow of high trading volume,and the Investment Bank of the mainland investors in the Hongkong stock market On the contrary,the investment behavior of Hongkong investors in the mainland market,including foreign institutional investors,shows the characteristics of the frequent trading and fast moving of the mainland investors.This series of problems can not cause our thinking and attention.In order to investigate the investment behavior and characteristics of the two investors in Hong Kong since the opening of Hong Kong shares in Shenzhen and Hong Kong,this paper selects two indexes which can reflect the characteristics of investors' behavior,and use the dual difference measurement to measure the volatility and liquidity of the Shenzhen Stock Exchange.The model examines the changes of investors' behavior before and after the opening of Shenzhen and Hong Kong,and evaluates the short-term goals and policy effects of the Shenzhen Hong Kong system in orderto find out its shortcomings in time and provide useful suggestions for the better implementation of the policy expectation of the Shenzhen Hong Kong connect program.The thesis consists of seven chapters,which are as follows:The first chapter is the introduction of the background including the background of Shenzhen Hong Kong system and the background of the research.Through the literature review,the research ideas of the investment behavior of Hongkong investors are measured by the liquidity and volatility of Shenzhen Hong Kong.The second chapter is the theoretical basis of international capital flows,liquidity risk premium and volatility premium.The capital flow of Shenzhen and Hong Kong is essentially the flow of international capital.According to the relevant theories,it can be found that the state of international capital flows is related to the degree of financial development in the open countries: the higher the degree of financial development,the higher the capital flow is the value investment behavior of the low volatility of the continuous net inflow;the lower the financial development,the capital flow is highly fluctuating.Meanwhile,the financial risks of speculation and capital outflow and capital outflow are increasing.The third chapter introduces the current situation of the capital flow in the north of Shenzhen and Hong Kong.Through the statistical description,it is found that the investors in Hongkong show the investment behavior of "high turnover" and "high trading volume".The fourth,fifth chapter is an empirical study on the liquidity and volatility of Shenzhen stock market.The study shows that the introduction of Hongkong investors does not improve the speculative behavior of mainland investors instead of Hongkong investment and investment behavior.The high liquidity,high volatility and zero trading performance of stocks in Shenzhen stock market indicate the difference in investment.The opportunistic motivation is obvious.Therefore,the Shenzhen Hong Kong policy did not optimize the performance of the investor structure simply through the introduction of the Hongkong investors to the mainland market value investment.Only by improving the information disclosure system of the mainland market,the delisting system and the improvement of the corporate governance level,can the overall financialdevelopment level of the mainland be improved from the substantial change.Market investors show that the development of the capital market system can not improve the financial development level of the mainland,but increase the financial risk of the mainland market.The sixth chapter summarizes the existing problems and writes relevant suggestions according to the empirical results of the fourth,fifth chapter.The seventh chapter is the conclusion.We think that the financial development is the necessary condition to attract foreign investment to the domestic,not the necessary and necessary conditions.We can not improve the domestic capital market environment by introducing foreign investors.Therefore,we can only improve the mainland market system and improve the level of corporate governance in many aspects and angles to achieve the development of our financial market. |
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