我国多层次场内股票市场板块互动关系研究——基于种间关系的视角

The Interactive Board-Level Relationship of Stock Exchange Market in China:Based on the Perspective of Interspecific Relationship

本文使用扩展的Lotka-Volterra模型,从全局角度对上证主板、深证主板(含中小企业板)和创业板之间的互动关系进行了分时段的定量研究。本文的研究结果有:(1)多层次资本市场的建立有效扩展了我国证券市场对于各类企业的容纳度,提升了市场内部稳定性及抵御冲击的能力,其展现出来的适应性促进了整个场内市场的协调发展;(2)沪深市场的互动形态,决定了我国多层次场内股票市场的基本格局;(3)IPO的行政性停发对场内股票市场多层次板块间的互动关系产生了消极影响;恢复IPO后,深证主板的地位上升,但种群内部分中小股的特性与创业板趋同,交易所内部存在资源争夺现象。

We use extended Lotka-Volterra model to analyze the interactive board-level relationship quantitively based on different periods. We find that firstly, the multilevel structure makes the security market more inclusive for all kinds of enterprises, improves the security market＇ s stability and strengthens its ability to resist negative impacts. Secondly, we find that the competition between Shanghai and Shenzhen Security Exchange plays a key role in determining the construction of the multilevel capital market system in China. Thirdly, the administrative suspension of IPO brings about negative impacts on the interactive relationship among different boards. After the restart of IPO, main board in Shenzhen Exchange tends to be in a better position and the firms on it tend to be similar to those on Growth Enterprises Market （GEM） board, which causes internal competition. Finally, we give some suggestions on how to build a harmonious multilevel capital market.