摘 要: 在政府的大力支持下我国的金融业得到快速发展，2014年中国政府正式推出一项新的金融政策沪港通。作为中国股市对外开放的窗口，它的到来为我国股市注入全新的生机与活力。因此，研究沪港通的影响对两地的投资者乃至整个国家的经济发展都具有重要意义。本文以沪港通的政策分析为研究的出发点，通过对沪港通与A股市场的理论分析，探讨A股市场在沪港通推动下对监管体制、管理水平等方面做出的有效改革，分析沪港通对两地股民及市场资源产生的积极影响，同时关注沪港通背后的金融风险与挑战，在全面剖析沪港通的利好与弊端的前提下，对股市发展提出相应的建议。58879

毕业论文关键词：沪港通，A股市场，影响

Abstract: With the strong government support for financial market policy. China’s financial industry gained rapid development. Chinese government officially launched the new financial policy Hong Kong and shanghai Tong. Hong Kong and Shanghai Tong is the abbreviation to Shanghai and Hong Kong’s interconnection mechanism. As the window of Chinese stock’ opening, it’s coming has injected new vigor and vitality for China’s stock. Therefore, study Hong Kong and Shanghai Tong’s impact on both the investor and the economic development of the whole country are of great significance. This article takes the study of Hong Kong and Shanghai Tong’s analysis as the starting point .Through the theoretical analysis on the Hong Kong and Shanghai Tong and the A-share market, we explored that the market has made effective reform on the regulatory system and management level under the Hong Kong and Shanghai Tong’s promote. We analyze the positive impact on both investors and market resources but also concern about the financial risks and challenges behind it. In a comprehensive analysis of the benefit and abuse, we make some recommendations on the stock market’s development.

Key words: Hong Kong and Shanghai Tong, A-share market, Affect

目 录

1  引言 3

2  理论概述 3

2.1  沪港通政策 3

2.1.1  含义及背景 3

2.1.2  组成部分 3

2.1.3  实施范围及试点条件 3

2.2  A股市场 4

2.2.1  含义及特点 4

2.2.2  交易规则 4

2.2.3  市场走向 4

3  影响分析 5

3.1  沪港通的有利影响 5

3.1.1  加快人民币国际化，提高市场地位 5

3.1.2  推动股市改革，促进股市稳定发展 5

3.1.3  改善股市管理水平，增强投资者信心 6

3.1.4  促进投资行为理性，回归价值投资 6

3.1.5  有效整合金融资源，提升国际竞争力 7

3.2  沪港通的不利影响 7

3.2.1  投资者参与门槛不对等 7

3.2.2  容易陷入“盲人摸象”的困境 7

3.2.3  对内地投资者提出更高的技术要求 8

3.2.4  监管体制不能适应跨境监管