大陆与香港股票市场融合问题分析研究.pdf

首都经济贸易大学硕士学位论文大陆股市与香港股市融合问题研究共 61 页第 9 页大陆与香港股票市场融合问题研究Ⅰ摘要: 鉴于大陆资本市场不完全开放, 引起我偏高。特别是同香港股市相比,存在大量同股不同价的现象。本文针对此现象,结合香港股市和我国股市的现状,提出在国家外汇管制和利率管制逐步放开,实现利率、汇率市场化的前提下,通过建立和完善我国股市对冲机制,完善信息披露制度和监管,完善交易机制等手段,探索能使大陆股市、香港股市股相互融合的方法,以解决我国股市相对于国际股市封闭之问题,化解由于大陆股市估值过高可能引发的泡沫,从而使我国资本市场健康发展。本文最后还提出大陆股市、香港股市融合过程中可能引起的风险以及相应的风险防范和金融监管。通过大陆股市和香港股市的融合,可以解决我国国际收支顺差过大,引起的人民币形成大量的外汇占款问题,缓解国内过剩的流动性,使我国经济能够健康发展。另外,通过大陆股市和香港股市的融合,我国资本市场能尽快与国际资本市场融合,提升我国资本市场在国际资本市场中的地位,使之于国际接轨。本文通过研究大陆和香港地区经济发展状况,结合香港股市和大陆股市的现状,在两地货币能自由兑换的前提下,提出从交易机制,股票市场金融衍生品发展,新股发行机制,信息披露机制、监管机制等方面,统一两地市场,力争促进两地股票市场逐步融合,提高我国金融领域的竞争力。关键字: 股市制度融合金融深化首都经济贸易大学硕士学位论文大陆股市与香港股市融合问题研究共 61 页第 10 页Ⅱ Abstract Inview of the plete opening-up, th e value of the stockmarket in Chinese Mainland is higher than the international ones; and there is different price of the same share between the stock market in Mainland and others, especially in Hong Kong. In reaction to the phenomenon, w ith consideration of the present conditions of the stockmarkets in Mainland and Hong Kong, this paper aims to search a method to blend A Stock with H Stock, making a more open and healthy stockmarket in Mainland and avoiding bubbles caused by over- estimated value of A Stock, through improving hedge operation, release and su pervision of information ,trading mechanism, on the premise that national exchange control and interest regulation e less strict and more market-oriented. This paper also indicate th e potential risk during the blending of A Stock and H stock, and accordingly, the risk prevention and financial regulation. Blending A Stock with H Stock can solve excess liquidity and the problem that RMB became funds out standing for foreign exchange, which attribute to too much surplus of our country’s balance of paym ents. This method also makes our country link up with the globe system quickly and acquires status in international capital market. According to the development of economy and stockmarket Mainl