, 1
5785 
7625提高金融市场的资源配置效率既是证券市场发展的核心议题，也是政府监管部门各项改革政策的初衷。鉴于资源配置效率是由定价效率来实现的，因此通过检验证券市场定价效率可以对政策效果进行评价。针对我国证券监管部门推出的沪港通实施效果，我们利用双重差分模型，采用股票价格对公司未来盈余的反应能力对其进行了实证检验，研究发现，相较沪港通实施之前，沪股通标的股票价格对未来盈余信息的反应系数并没有得到有效提升，反而有所下降。而进一步利用股价对未来现金流反应能力的检验结果也得到了相同的结论。这表明沪港通的实施至少到目前为止远未达到提升内地股市定价效率的应有效果。不过，沪港通的开通对香港市场的定价效率提升、市场活跃度、股指上行却有着显著作用，但对沪港两地市场总体而言，还远没有达到帕累托改进的目的。
沪港通制度改善了我国股票市场定价效率吗？
摘要
参考文献
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引用本文
董秀良, 张婷, 关云鹏. 沪港通制度改善了我国股票市场定价效率吗？[J]. 上海财经大学学报, 2018, 20(4): 78-92.
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