中华人民共和国证券市场的整合分析

Labuan Bulletin of International Business and Finance (LBIBF) Pub Date : 2014-04-16 DOI:10.51200/lbibf.v9i.1344

Wong Hock Tsen

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引用次数: 0

摘要

本研究分析了1997年7月3日至2010年6月30日期间，中华人民共和国证券市场，即上海证券交易所(SSE)，深圳证券交易所(SZSE)和香港交易及结算所有限公司(HKEx)之间的长期和短期整合。由于香港已于1997年7月1日回归中国，本研究将对12年后的经济发展趋势，特别是金融市场趋势作出展望。检验结果表明，三个股票市场之间不存在长期稳定的关系，但存在短期因果关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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INTEGRATION ANALYSIS OF THE PEOPLEâ€™S REPUBLIC OF CHINA STOCK MARKETS

This study analyzes the integration between the Peopleâ€™s Republic of China stock markets, namely Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Hong Kong Exchanges and Clearing Limited (HKEx), in both long run and short run for the period from 3rd July 1997 to 30th June 2010. As Hong Kong rejoined China in 1st July 1997, this study would imply a view on economy development tendency particularly financial market trends after the twelve years. The result obtained from the tests indicates that there is no long-run stable relationship between the three stock markets, but short-run causality exists.

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Labuan Bulletin of International Business and Finance (LBIBF)

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