相通则治进:资本市场开放下的股票“南北通”制度建设  

Connecting then Advancing:The"North-South Stock Connection"and Capital Market Liberalization

作　　者：沈红波[1,2] 陈鹏翔 章晓洪 SHEN Hongbo;CHEN Pengxiang;ZHANG Xiaohong(School of Economics,Fudan University;Wenzhou Business School)

机构地区：[1]复旦大学经济学院 [2]复旦大学案例中心 [3]温州商学院

出　　处：《金融市场研究》2024年第8期20-35,共16页Financial Market Research

摘　　要：党的二十大报告指出,继续推进资本市场高水平对外开放,开放与安全要统筹兼顾。自2014年陆港通建设以来,中国内地资本市场的开放事业迈入新阶段,与中国香港市场的互联互通日益密切并且成果斐然,但这一过程中也伴随着一些问题、风险与挑战。本文以股票“南北通”建设为例,深入探究北向资金“引进来”和南向资金“走出去”所面临的风险与挑战,发现,北向资金“引进来”造成的跨境金融风险增加、投资者情绪的放大和潜在的监管挑战,南向资金“走出去”需面对来自更成熟的市场环境和更强大的竞争对手的双重挑战。为进一步深化股票市场开放步伐,本文从扩大制度型的双向开放和深化股票市场改革两方面提出相关建议,以期更好地推动A股市场的健康发展和国际化水平的提高。The report of the 20th National Congress of the Chinese Communist Party pointed out that continuing to promote the high-level opening up of the capital market to the outside world is essential,but a balance between opening up and market security should be maintained.Since the construction of the Mainland-Hong Kong stock exchange link-known as the"North-South Stock Connect"in 2014,the opening up of China's mainland capital market has entered a new phase.The interconnection with the Hong Kong market has become increasingly close and fruitful,but this process has been accompanied by several risks and challenges.Taking the construction of the"North-South Stock Connect"as an example,this paper explores in depth the risks and challenges faced by northbound capital"brought in"from Hong Kong and southbound capital"moved out"to the Special Administrative Region.The challenges from northbound and southbound capital are mainly greater cross-border financial risks,the amplification of investor sentiment and potential regulatory challenges stemming from northbound capital.Moreover,there are dual challenges linked to southbound capital,namely the need to contend with more mature market environments and the prospect of facing more powerful competitors in these markets.This paper also puts forward suggestions for expanding systematic two-way capital market liberalization to promote the healthy development of the A-share market.

关 键 词：资本市场 互联互通 陆港通 高水平开放 

分 类 号：F832.51[经济管理—金融学]