The Research Of Stock Market Affects The Stock Market Linkage Mechanism Of China Unicom A Shares,Hong Kong Stocks And The United States And Japan

The stock market is a barometer of the economic in a country.It reflects the current economic situation,and forecasts the future economic trend.The economic correlation makes the stock market co-movement.The study of stock market can be used to judge the trend of the China's stock market through other stock market movements,which provides the basis for investors to adjust their portfolios.Even if China 's stock market has been founded over 20 year,experienced many refoms,the China's stock market is still imperfect.The China's stock market needs to be more integrated into the globle stock market.The study of the changes of the co-movement of China's stock market and other stock markets before and after the opening of the “shanghai-hong kong stock connect” can examine the effect of policies,such as the shanghai-hong kong stock connect on the openness of the China's stock market.For regulators,it has prompted regulators to develop innovative regulatory regimes and management practices for the interactivity of China's stock market and other stock markets.First,this paper introduces the background environment of China,and discusses the current economic situation of China through macro-economic data,and compares the "shanghai-hong kong stock connect" and other open policies.The paper selects the Shanghai composite index,the hang seng index,the s&p 500 index and the nikkei index to represent the five major stock markets,on behalf of China,Hong Kong,the US and Japan.The data will be divided into three groups according to the time period,and the VAR model will be established,and the co-integration test,granger causality test,impulse response function and variance decomposition.The paper get three conclusions: first,the implementation of the "shanghai-hong kong stock connect" makes the correlation change,before the implementation of the "Shanghai-Hong Kong stock connect",there are no relationships between the two stock markets.After implementation,Shanghai and Hong Kong have long-term equilibrium relation,and the influence degree of the Shanghai stock market to Hong Kong's stock market is greater than the influence degree to Hong Kong stocks on the Shanghai stock market;Second,before or after the implementation of "Shanghai-Hong Kong stock connect",the stock market of The UK and China has the long-term equilibrium relationship;Third,after the "Shanghai tong" effect,the hang seng index is the granger reason of the nikkei index,the nikkei index is the granger cause of the Shanghai composite index,at the same time,the hang seng index and Shanghai composite index is the granger cause of both parties.