深港股市一体化:现实要求、制度比较和路径选择

实现深港两地股票市场一体化意义十分重大。它既有现实要求,也有一定的基础和可能。通过对深港两地股市的规模和板块、证交所制度、股市发行制度以及股市监管制度等进行具体的分析和比较,可以发现,尽管两地股市在管理制度的基础框架层面上大致相同,但是具体到实践运作上还存在很大的差距和差异,两地股市一体化程度还比较低。因此未来的融合还有相当长的路要走,需要采取新的有效对策。

The Integration of the Stock Markets of Shenzhen and Hong Kong :the Actual Need ,Institutional Comparison and Option for the Route

It is of great significance to realize the integration of the stock markets of Shenzhen and Hong Kong.There is an actual need and a good foundation.After concretely analyzing and comparing the two markets'scope and sectors,institutions of securities exchanges,stock-issuing and of supervision and control,it can be seen that although in the main,there is a similar basic frame of administrative structure,there exist great differences and a considerable gap between the actual acts and the degree of integration of the two localities'stock markets is quite low.Therefore,there is a long way to go before their integration.It is necessary for us to explore the practical route of this union.