沪港通对上海股市流动性影响研究的文献综述.docVIP

PAGE PAGE 9 沪港通对上海股市流动性影响研究的文献综述 摘要：流动性是界定金融资产定价的核心所在，也是维护一个市场稳定性和有效性的必要保证。上海股市在中国长期资本市场体系中具有核心和基础的地位，所以上海股市的流动性对于整个中国金融体系的稳定和发展都具有相当重要的意义。本文对沪港通实施前后上海股市的流动性进行对比分析，但是鉴于沪港通政策实施时间不长，国内有关于对股市流动性影响的实证研究大多是基于其他老政策（融资融券、降准降息货币政策等），因此本文将其他政策性因素对中国股市流动性影响的研究也一并纳入综述范围。本文脉络主要按照对上海股市流动性造成影响的研究对象：其他政策性因素和沪港通政策，依次展开文献回顾，并对已有研究进行总结评价。 关键词：沪港通流动性上海股市 The impact of liquidity through Shanghai-Hong Kong Stock Connect program for shanghai stock market Abstract: Liquidity is defined in the core of the pricing of financial assets, but also to maintain a market stability and the need to ensure the effectiveness. Shanghai stock market with the core and foundation of a long-term position in the Chinese capital market system, so the Shanghai stock market liquidity are quite important for the stability and development of the Chinese financial system. In this paper, the Shanghai stock market liquidity to compare before and after the Shanghai and Hong Kong through the implementation of the analysis, but in view of Hong Kong and Shanghai through policy implementation time is not long, most empirical studies on domestic liquidity impact on the Shanghai stock market is based on other old policy (the margin, RRR cuts monetary policy, etc.), this article will examine other policy factors impact on the Shanghai stock market liquidity also be included in the Summary of range. In this paper, according to the context of the major impact on the Shanghai stock market liquidity object of study: other policy factors and Shanghai and Hong Kong through policy, expand the literature review, summarize and evaluate existing research. Keywords: Shanghai-Hong Kong Stock Connect program liquidity shanghai stock market 一、关于政策性因素对中国股市流动性影响的文献回顾 证券市场的一个主要功能就是在交易成本尽可能低的情况下，使投资者能够迅速“有效地执行交易”。也就是说，市场必须提供足够的流动性。流动性是证券市场的生命力所在。迄今为止，国内关于上海股票市场流动性的研究已有不短的时间了，其中多集中在货币政策，融资融券等新政策出台对上海股市流动性影响的研究。鉴于其他政策性因素对上海股市流动性的影响研究的相关文献中在研究方法和理论依据等方面对沪港通对上海股市流动性影响的研究是有一定借鉴意义的，所以本文将此一并纳入综述范畴。 下文是我查找的国内一些政策因素对中国股市流动性影响的研究，流动性的界定还充满着争议，主要包