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

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

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。

Cross-listings give rise to the competition for limited inves- tors and funds among different securities markets. On the basis of Lotka- Volterra model concerning securities market competition, this paper empiri- cally 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 securities markets in China has been transformed from a predator- bait relationship in the initial stage to a mutually beneficial relationship at present, and the dynamic transformation is not significantly related to the cross-listing order, which show that the mainland securities markets in Chi- na are constantly improving and the encouragement of overseas and A-share listings is advantageous to the development of the mainland securities mar- kets. And the mutually beneficial cooperation should be the trend of future securities market competition.