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本文主要对大陆和香港的股票市场与外汇市场的关联性进行实证研究,结果表明大陆股市与汇市之间无论从长期还是短期来看都存在紧密的联系。香港股市与汇市长期来看存在协整关系,短期不存在因果关系。最后结合大陆与香港金融市场的特点,给出了一些政策性建议。
This paper mainly conducts an empirical study on the correlation between the stock market and the foreign exchange market in mainland China and Hong Kong. The result shows that there is a close relationship between the mainland stock market and the foreign exchange market both in the long run and in the short run. Hong Kong stock market and foreign exchange market in the long run there is a cointegration relationship, there is no causal relationship in the short term. Finally, some policy proposals are given according to the characteristics of the mainland and Hong Kong financial markets.