Full metadata record
| DC Field | Value | Language |
|---|---|---|
| dc.contributor | Faculty of Business | en_US |
| dc.contributor.advisor | 蒋励 (AF) | en_US |
| dc.creator | Huang, Yufeng | - |
| dc.identifier.uri | https://theses.lib.polyu.edu.hk/handle/200/13363 | - |
| dc.language | Chinese | en_US |
| dc.publisher | Hong Kong Polytechnic University | en_US |
| dc.rights | All rights reserved | en_US |
| dc.title | 境外资金交易 A 股的市场效应分析 - 以北上资金为例 | en_US |
| dcterms.abstract | 北上资金指的是通过陆股通从香港股市流入内地 A 股的资金。陆股通包括通过 “沪股通” 和 “深股通” 进入内地 A 股的资金。结合市场实务以及文献研究现状，本文利用 2018 年至 2022 年间北上资金的持仓情况研究两个问题，北上资金的投资行为分析以及北上资金的信号作用。本文提出假设，北上资金具有信号作用；北上资金的历史持股百分比越高，北上资金越有有可能具有信息优势，信号作用越强；对于有境内投资者持仓的公司，持股百分比对信号作用的影响更大；以及市场上可能的伪外资越多时，持股百分比对信号作用的影响更大。实证分析结果与上述假设一致。此外，本文还发现，在择股时，北上资金整体偏好以高市值，高 ROE，高净利润率为特点的绩优股票。最后，本文以北上资金流入流出为基础，构造交易策略，并发现该交易策略可形成盈利。 | en_US |
| dcterms.abstract | 本文的理论贡献有三方面，一是将北上资金视作一个大体量的投资者，对其投资行为的研究丰富了已有的关于北上资金的理论研究。二是用历史持仓这一变量来兼顾北上资金的长短期投资行为。三是文章的相关结果将为投资者解读北上资金的交易行为提供帮助。 | en_US |
| dcterms.alternative | The impact of foreign funds on the A-share market —evidence from northbound | en_US |
| dcterms.extent | 1 volume (various pagings) : illustrations | en_US |
| dcterms.isPartOf | PolyU Electronic Theses | en_US |
| dcterms.issued | 2024 | en_US |
| dcterms.educationalLevel | D.Mgt. | en_US |
| dcterms.educationalLevel | All Doctorate | en_US |
| dcterms.LCSH | Investments, Hong Kong -- China | en_US |
| dcterms.LCSH | Stock exchanges -- China | en_US |
| dcterms.LCSH | Stocks -- China | en_US |
| dcterms.LCSH | Hong Kong Polytechnic University -- Dissertations | en_US |
| dcterms.accessRights | restricted access | en_US |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 7802.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.12 MB | Adobe PDF | View/Open |
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