深港股市一体化:现实要求、制度比较和路径选择

The Integration of the Stock Markets of Shenzhen and Hong Kong:the Actual Need,Institutional Comparison and Option for the Route

实现深港两地股票市场一体化意义十分重大。它既有现实要求,也有一定的基础和可能。通过对深港两地股市的规模和板块、证交所制度、股市发行制度以及股市监管制度等进行具体的分析和比较,可以发现,尽管两地股市在管理制度的基础框架层面上大致相同,但是具体到实践运作上还存在很大的差距和差异,两地股市一体化程度还比较低。因此未来的融合还有相当长的路要走,需要采取新的有效对策。

It is of great significance to realize the integration of the stock markets of Shenzhen and Hong Kong. There is an actual need and a good foundation. After concretely analyzing and comparing the two markets＇ scope and sectors, institutions of securities exchanges, stock-issuing and of supervision and control, it can be seen that although in the main, there is a similar basic frame of administrative structure, there exist great differences and a considerable gap between the actual acts and the degree of integration of the two localities＇ stock markets is quite low. Therefore, there is a long way to go before their integration. It is necessary for us to explore the practical route of this union.