본문 바로가기

추천 검색어

실시간 인기 검색어

학술논문

The Nexus between Exchange Rate and Foreign Equity Investors Behavior after the Shanghai-Hong Kong Stock Connect

이용수 23

영문명
발행기관
한국무역연구원
저자명
Guodan Liu Gab-Je Jo
간행물 정보
『무역연구』제15권 제6호, 35~48쪽, 전체 14쪽
주제분류
경제경영 > 무역학
파일형태
PDF
발행일자
2019.12.30
4,480

구매일시로부터 72시간 이내에 다운로드 가능합니다.
이 학술논문 정보는 (주)교보문고와 각 발행기관 사이에 저작물 이용 계약이 체결된 것으로, 교보문고를 통해 제공되고 있습니다.

1:1 문의
논문 표지

국문 초록

영문 초록

Purpose - This paper investigates the causal nexus between the exchange rate and foreign equity investors’ behavior in Shanghai and Hong Kong by using daily time series data after the Shanghai-Hong Kong Stock Connect scheme was launched. Design/methodology/approach - The empirical data period is a sample of all daily trading data from the implementation of the Shanghai-Hong Kong Stock Connect to April 12, 2019. In order to analyze the nexus between the Shanghai Stock Exchange and Hong Kong Stock Exchange, we employed the impulse response function analysis based on the vector autoregression (VAR) model. Findings - From estimation results on the Shanghai stock market, we found that exchange rates have not had a significant impact on foreign equity investors. Conversely, foreign equity flows have had a significant impact on exchange rate of the RMB. From estimation results on the Hong Kong stock market, it was found that mainland Chinese investors have not significantly affected the foreign exchange market of Hong Kong. On the other hand, the results show that exchange rates have had a significant impact on mainland Chinese investors in Hong Kong. Research implications or Originality - In the Shanghai stock market, exchange rates have not had a significant impact on foreign equity investors, which is due to exchange rate risk management by foreign investors. Conversely, a large amount of foreign equity inflows led to the appreciation of the RMB. In the Hong Kong stock market, mainland Chinese investors have not significantly affected the foreign exchange market of Hong Kong, which is due to a limited share of mainland Chinese investment in Hong Kong market capitalization. Conversely, exchange rates have had a significant impact on mainland Chinese investors in Hong Kong, which reveal that mainland Chinese equity flows into Hong Kong increased when the RMB depreciated against the Hong Kong dollar.

목차

Ⅰ. Introduction
Ⅱ. Review of Related Literature
Ⅲ. Data and Stylized Facts
Ⅳ. Empirical Model and Results
Ⅴ. Conclusions

키워드

해당간행물 수록 논문

참고문헌

교보eBook 첫 방문을 환영 합니다!

신규가입 혜택 지급이 완료 되었습니다.

바로 사용 가능한 교보e캐시 1,000원 (유효기간 7일)
지금 바로 교보eBook의 다양한 콘텐츠를 이용해 보세요!

교보e캐시 1,000원
TOP
인용하기
APA

Guodan Liu,Gab-Je Jo. (2019).The Nexus between Exchange Rate and Foreign Equity Investors Behavior after the Shanghai-Hong Kong Stock Connect. 무역연구, 15 (6), 35-48

MLA

Guodan Liu,Gab-Je Jo. "The Nexus between Exchange Rate and Foreign Equity Investors Behavior after the Shanghai-Hong Kong Stock Connect." 무역연구, 15.6(2019): 35-48

결제완료
e캐시 원 결제 계속 하시겠습니까?
교보 e캐시 간편 결제