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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财经研究 2011 年 第 37 卷第 09 期, 页码：39 - 49
摘要
参考文献
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。
关键词
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[4]孔东民.Lotka-Volterra系统下市场结构的演进[J].管理工程学报,2005,(3):77-81.
[5]李开秀,龚仰树.我国证券交易所获取外国上市资源的竞争能力分析[J].财经研究,2011,(2):17-26.
[6]施东晖.垄断与竞争:证券交易所变革的经济学分析[J].证券市场导报,2002,(2):4-12.
[7]熊熊,张维,李帅,王芳.基于Lotka-Volterra模型的股指期货市场竞争分析[J].系统工程学报,2009,(5):581-588.
[8]徐龙炳,吴华,陈小琳.证券交易所竞争上市公司资源研究综述[J].证券市场导报,2007,(9):60-66.
[9]Coffee J C.Racing towards the top?The i mpact of cross-listings and stock market com-petition on international corporate governance[R].National Bureau of Economic Re-search,Working Paper 8538,2004.
[10]Delfino D,Si mmons P J.Infectious disease and economic growth:The case of tubercu-losis[EB/OL].http://www.york.ac.uk/depts/econ/dp/a932.pdf,2007.
[11]Ito T,Lin WL.Race to the center:Competition for the Nikkei 225 futures trade[J].Journal of Empirical Finance,2001,8(3):219-242.
[12]Karolyi A G.Why do companieslist shares abroad?Asurvey of the evidence andits manag-erial i mplications[J].Financial Markets,Institutions and Instruments,1998,7:1-60.
[13]Leslie P H.Astochastic model for studying the properties of certain biological systemby numerical methods[J].Biometrika,1958,45:16-31.
[14]Li Y,Greco J F,Chavis B.Lead-lag relations between Ashares and Hshares in theChinese stock markets[R].Working Paper,City University of Hong Kong,2000.
[15]Lotka AJ.Elements of physical biology[M].Philadelphia Williams and Wilkins Com-pany,1925.
[16]Modis T.Technological forecasting at the stock market[J].Technological Forecastingand Social Change,1999,62:173-202.
[17]Stulz R M.Globalization,corporate finance,and the cost of capital[J].Journal ofApplied Corporate Finance,1999,12:8-25.
[18]Volterra V.Variazionie efluttuazioni del numero d’individui in specie aninali convienti[J].Memorie Ricerca dell Academia Nazio-naledei Lincei Serie,1926,6(2):31-113.
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, 37(9): 39–49.
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