摘要随着经济全球化的发展，越来越多的企业致力于通过国际资本市场进行融资，发展壮大企业，因此就出现了同一家上市公司在不同的地区上市的情况。根据经济学中一股一价的理论，对于在不同地区上市的同一家上市公司，其股票价格通过汇率调整后应大致相当，然而国内外的研究学者发现在不同的证券市场上会出现“同股不同价”的现象，这些学者通过大量的理论分析和实证研究从市场分割因素的角度来解释这种现象。26378
我国A股市场和H股市场也属于这种情况。在西方学者的研究指导下，我国学者也开始对本国的AH 股股价差异问题进行持续研究，并取得了丰富的研究成果。2014年11月17日，国家规定上交所和港交所可以互相购买指定范围内的股票，沪市和港市开始实行互通机制。本文正是在这种特殊的政策背景下，研究在沪港通实行前后，A股和H股价差的影响因素的变化，借以反映沪港通对AH股股价差异的影响。在借鉴国内外学者的研究成果的基础上，对沪港通前后两大股票市场的股价及其影响因素用面板数据的计量经济学方法进行比较分析，用数据阐释沪港通对我国AH股股价差异的影响。
关键词 沪港通 AH股价差 比较分析
毕业论文外文摘要
Title A study on the effect of Shanghai-Hong Kong Stock Connect program on prices differentials between A shares and H shares
Abstract
With the development of economic globalization, more and more enterprises engaged in the international capital market to develop and expand enterprises, so there were companies which listed in different regions. According to the monovalent theory. the stock price of the company which listed in different regions after the adjustment of the exchange rate should be roughly the same, but domestic and international scholars found that in different stock market there was a phenomenon of "the same shares with different price", these scholars explain the phenomenon.
through a lot of theoretical analysis and empirical research from the point of view of market segmentation factors .
A shares and H shares market also belongs to this situation. under the guidance of the western scholars' research, Chinese scholars also began to study AH stock price difference of ongoing research, and achieved rich results. On 17 November in 2014, the provisions of the state in Shanghai Stock Exchange and the Hong Kong stock exchange can buy a specified range of stock each other, Shanghai and Hong Kong began to implement the exchange mechanism.
The purpose of this article is to research A share and H share price differential factors in the context of this special policy which reflect the impact of Shanghai-Hong Kong Stock Connect program. In reference to the research results of scholars at home and abroad,we use panel data to analyze comparatively stock market price and its influencing factors before and after Shanghai-Hong Kong Stock Connect program .
Keywords Shanghai-Hong Kong Stock Connect program A-share and H share price differential Comparative analysis
目 次
1 绪论2
1.1 研究背景与研究意义2
1.2 研究思路与研究方法2
1.3 研究结构与研究框架2
1.4 本文的研究创新3
2 文献综述与理论基础4
2.1 国内外文献综述4
2.2 沪港通概述7
2.3 理论基础7
2.4 本章总结 10
3 沪港通对AH股价差影响的机理分析及研究方法的选择11
3.1 沪港通对AH股价差影响的机理分析 11
3.2 研究方法的选择 12 沪港通对AH股价差异的影响研究+文献综述:http://www.751com.cn/kuaiji/lunwen_20541.html