| 香港和内地证券市场的动态竞争关系研究——基于A+H交叉上市公司的实证分析 |
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| 引用本文： | 曹广喜,徐龙炳.香港和内地证券市场的动态竞争关系研究——基于A+H交叉上市公司的实证分析[J].财经研究,2011(9). |
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| 作者姓名： | 曹广喜 徐龙炳 |
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| 作者单位： | 上海财经大学金融学院;南京信息工程大学经济管理学院; |
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| 基金项目： | 国家自然科学基金项目(70803027、70873080、70901044、71073100); 教育部新世纪优秀人才支持计划项目(NCET-07-0533); 上海市哲学社会科学规划项目(2008BJB003); 中国博士后科学基金项目(20100480577)的资助 |
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| 摘 要： | 交叉上市引起不同证券市场对有限投资者和资金资源的竞争。文章在阐述证券市场竞争的Lotka-Volterra模型基础上,通过2006-2010年38家A+H交叉上市企业的日交易数据实证分析了香港和内地证券市场之间的动态竞争过程。结果表明,两市场之间的动态竞争关系从交叉上市初期的捕食—诱饵关系逐步演化为目前的竞争互惠关系,且这种动态演化过程与企业交叉上市顺序没有显著的相关性。这说明内地证券市场正在不断完善,鼓励企业境外上市和A股回归将有利于内地证券市场的发展,而且互惠合作应是未来证券市场竞争的发展趋势。
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| 关 键 词： | 交叉上市 Lotka-Volterra模型 动态竞争 |
Research on the Dynamic Competition Relation between Hong Kong and Mainland Securities Markets in China:Empirical Analysis on Companies Cross-listed in A-share and H-share Markets |
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| CAO Guang-xi,XU Long-bing.Research on the Dynamic Competition Relation between Hong Kong and Mainland Securities Markets in China:Empirical Analysis on Companies Cross-listed in A-share and H-share Markets[J].The Study of Finance and Economics,2011(9). |
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| Authors: | CAO Guang-xi XU Long-bing |
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| Institution: | CAO Guang-xi1,2,XU Long-bing1(1.School of Finance,Shanghai University of Finance and Economics,Shanghai200433,China,2.School of Economics and Management,Nanjing University ofInformation Science & Technology,Nanjing 210044,China) |
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| Abstract: | Cross-listings give rise to the competition for limited investors and funds among different securities markets.On the basis of Lotka-Volterra model concerning securities market competition,this paper empirically analyzes the dynamic competition between Hong Kong and mainland securities markets in China by using the daily trading data of 38 companies cross-listed in A-share and H-share markets from 2006 to 2010.The results indicate that the dynamic competition relationship between Hong Kong and mainland secu... |
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| Keywords: | cross-listing Lotka-Volterra model dynamic competition |
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