【摘要】 在证券市场领域,美国市场对中国香港市场和上海市场均有影响。在上海市场和中国香港市场之间,上海市场的变动影响着中国香港市场,但并未发现中国香港市场影响上海市场的证据。这说明,上海证券市场已经成为中国区域的主导性市场。更多还原

【Abstract】 It is confirmed in this paper that U.S. Stock market influences both Hong Kong and Shanghai stock market. Analyzing with time series of moving correlation coefficient,we find that movements in Shanghai stock market can partly explain those in Hong Kong market. On the other hand,no evidence is found that fluctuations in Hong Kong stock market lead to movements in Shanghai market. The result proves that Shanghai stock market has grown into the dominant market in the area.更多还原