基于多种群Lotka-Volterra模型的沪深港股市动态竞争关系  

On the Dynamic Competitive Relationship between Shanghai,Shenzhen and Hong Kong Stock MarketsBased on the Multi-group Lotka-Volterra Model

作　　者：代宏霞[1] 林祥友[2] 

机构地区：[1]西南财经大学经济数学学院,四川成都611130 [2]成都理工大学商学院,四川成都610059

出　　处：《内江师范学院学报》2017年第6期49-57,共9页Journal of Neijiang Normal University

基　　金：四川省软科学研究计划项目(2015ZR0228);四川省教育厅人文社科重点项目(14SA0036);国家大学生创新创业训练计划项目(201610616032)

摘　　要：以我国证券市场沪港通实施前、沪港通实施后深港通实施前、深港通实施后等互联互通机制实施的三个阶段为考察期间,以沪深港证券市场AH双重上市公司在A股市场和H股市场的成交额构建四个种群,采用多种群Lotka-Volterra模型,实证检验我国证券市场互联互通机制的实施对沪深港股市动态竞争关系的影响.研究结果表明,我国证券市场互联互通机制对沪深港股市竞争关系产生了显著影响,沪港通提高了沪市AH双重上市公司股票的相对竞争优势,深港通提高了深市AH双重上市公司股票的相对竞争优势,沪港通和深港通等互联互通机制缓解了A股市场和H股市场之间的竞争剧烈程度.The Securities Markets during the three periods （the period before the Shanghai-Hong Kong Stock Connect mechanism came into force, the period after the implementation of the Shanghai-Hong Kong Stock Connect mechanism and be- fore the implementation of the Shenzhen-Hong Kong Connect mechanism, and the period after the implementation of the Shenzhen-Hong Kong Stock Connect mechanism） are put under examination. Based on the trading volumes of the dual-listed companies in the A share market and H share market in Shanghai, Shenzhen and Hong Kong Security Market, four groups were thus established. And the multi-group Lotka-Volterra Model was adopted to give an empirical testing of the effect of stock connect mechanism upon the dynamic competitive relationship between Shanghai, Shenzhen and Hong Kong security market. It is found that the stock connect mechanism has produced a significant effect on the competitive relationship of Shanghai, Shenz- hen and Hong Kong stock market. The Shanghai-Hong Kong Stock Connect mechanism has promoted the relative competitive advantages of the shares of the AH dual listed companies in Shanghai; and the Shenzhen-Hong Kong Stock Connect mechanism also increases the competitive advantages of the shares of the AH dual listed companies in Shenzhen; both the Shanghai-Hong Kong Stock Connect mechanism and the Shenzhen-Hong Kong Stock Connect mechanism have helped relieve the competitive- ness between A share and H share markets.

关 键 词：沪港通 深港通 AH双重上市公司 动态竞争关系 多种群Lotka-Volterra模型 

分 类 号：F830.9[经济管理—金融学]