滬港股票市場交易互聯互通機制之研析

A Study of Shanghai-Hong Kong Stock Connect

中國大陸於2014年11月17日啟動「滬港股票市場交易互聯互通機制」（簡稱滬港通），與現行既有的QFII/RQFII制度相較，在投資者資格條件、投資商品範圍、資金額度及管制等差異，不僅吸引國際資金流入及企業上市、推動資本市場逐步開放、加速兩地資本流動，並利於推展人民幣國際化；再加上滬港兩地股市具有全球證券市場交易量首位的優勢，滬港通對於全球資本市場版圖勢必產生重大且深遠之影響。本文分析滬港兩地股市大盤、成分股的股價指數漲跌幅與日均成交值，以瞭解滬港通之影響。此外，為因應國際資本市場整合可能之衝擊影響，建議持續推動活絡股市交易之措施、積極建立跨境證券交易平台，以及推動跨境證券㈼理合作等，以開創臺灣資本市場的新局面。

On November 17, 2014 China launched 'Shanghai-Hong Kong Stock Connect'. Compared to the existing QFII and RQFII systems, there are different rules in the investor’s qualifications, range of investing commodities, funds limitation and control, etc. Shanghai-Hong Kong Stock Connect not only attracts international capital flows and the enterprise listed, promotes the opening of China’s capital markets, and speeds up capital flows mutually, but also accelerates the internationalization of Renminbi. In addition, the Shanghai and Hong Kong stock markets top the global stock market trading volumes. Shanghai-Hong Kong Stock Connect is bound to have a significant and far-reaching influence on the global capital markets. In order to know the effect of Shanghai-Hong Kong Stock Connect, this study analyzes both the Shanghai and Hong Kong stock markets through their stock index fluctuations and average daily trading values. Besides, in response to the possible impact of international capital market integration, this study proposes to continue to promote the policy of active stock market transactions, the establishment of cross-border securities trading platforms, and promoting cross-border cooperation in the supervision of securities. This will create a new situation for the Taiwan capital market.