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一、如何理解“深港证券市场衔接” 要理解这一概念,首先必须认识到深圳、香港证券市场是处于不同发展阶段的两个各具特色的证券市场,它们在经济背景、发展阶段、管理模式、运作机制等方面都有着明显的不同。因此,笔者认为,应从以下几个方面来理解“深港证券市场衔接”这个概念: 第一,深港证券市场衔接是两个独立证券市场之间的衔接。“九七”以后,深圳证券市场与香港证券市场仍是两个相互独立的证券市场,不能把深港证券市场衔接理解为深港证券市场的合并或香港证券市场兼并深圳证券市场。
First, how to understand the “Shenzhen-Hong Kong securities market convergence,” To understand this concept, we must first recognize that the Shenzhen and Hong Kong stock markets are in different stages of development of two different securities markets, their economic background, stage of development, management Mode, operating mechanism and other aspects have obvious differences. Therefore, in my opinion, we should understand the concept of “Shenzhen-Hong Kong Stock Market Linkage” from the following aspects: First, the convergence of the Shenzhen-Hong Kong securities market is the link between two independent securities markets. After 1997, the Shenzhen and Hong Kong stock markets are still two independent securities markets. The connection between the Shenzhen and Hong Kong stock markets can not be understood as a merger between the Shenzhen and Hong Kong stock markets or the Hong Kong stock market merges with the Shenzhen stock market.