“沪港通”提升上海配置全球金融资源能级了吗?

Has Shanghai-Hong Kong Stock Connect Program enhanced Shanghai′s energy level on allocating Global Financial Resources?

近年来,'沪港通'是我国深化金融供给侧改革和扩大金融开放的重要举措。开启'沪港通'还推进了上海配置全球金融资源能级的提升。为了准确测度'沪港通'开通以来对提升我国深化金融供给侧改革、扩大金融开放和上海配置全球金融资源能级的程度,本文利用2006-2018年沪市A股上市公司和2014年以来的沪港通数据实证检验了沪港通推进我国深化金融供给侧改革、扩大金融开放和上海配置全球金融资源能级的情况。结果显示,'沪港通'的实施,显著提升了上海配置全球金融资源的能级,具体表现为:(1)上海配置全球金融资源能级的水平逐级提高;(2)'沪港通'推进了我国金融供给侧结构改革的深化。基于此,本文分别从上海建设卓越全球城市过程中国际金融中心建设、金融供给侧结构性改革和扩大金融开放等三个方面提出了相应的建议。

Shanghai-Hong Kong Stock Connect program is an important measure for the supply side of Chinese financial reform,and additionally it has promoted Shanghai′s ability in global financial resources allocation.In order to accurately measure this phenomenon,this paper uses the performance data of Shanghai Stock Exchange A-share listed companies from 2006-2018.We have empirically studied the effect of Shanghai-Hong Kong Stock Connect program on Shanghai′s openness and global financial resources allocation function.The results show that the implementation of'Shanghai-Hong Kong Stock Connect'has significantly improved the openness and global financial resources allocation ability.The implications are as follows:(1)The Shanghai’s ability to allocate global financial resources has gradually increased;(2)'Shanghai-Hong Kong Stock Connect'has promoted the deepening of Chinese supply side of financial reform.Furthermore,this paper offers suggestions on the supply side of financial reform and ideas for the global financial openness and expansion.