CAJ | 학술논문

跨境上市以及跨市场证券交易的迅猛发展，对全球证券市场产生了较大的影响。本文对跨境上市对市场流动性影响的国内外研究进行了综述。综合国外研究发现，企业跨境上市对企业母国证券市场的流动性冲击主要有正向效应、负向效应和双赢局面三种可能，具体取决于该国市场的实际情况。影响流动性冲击方向的主要因素包括：母国市场散户投资者数量，市场透明度和市场间信息关联度，时区差异、佣金费率和母国市场发展程度，政府资金管制以及市场间证券报酬率的相关性五个方面。国内针对跨境上市的相关研究也在不断开展，但是针对跨境上市对我国证券市场可能造成的冲击和影响的研究还比较匮乏，有待加强。
과경상시이급과시장증권교역적신맹발전，대전구증권시장산생료교대적영향。본문대과경상시대시장류동성영향적국내외연구진행료종술。종합국외연구발현，기업과경상시대기업모국증권시장적류동성충격주요유정향효응、부향효응화쌍영국면삼충가능，구체취결우해국시장적실제정황。영향류동성충격방향적주요인소포괄：모국시장산호투자자수량，시장투명도화시장간신식관련도，시구차이、용금비솔화모국시장발전정도，정부자금관제이급시장간증권보수솔적상관성오개방면。국내침대과경상시적상관연구야재불단개전，단시침대과경상시대아국증권시장가능조성적충격화영향적연구환비교궤핍，유대가강。
Cross - border listing and cross - exchange equity trading are exerting an influence on the world stock exchanges. This article reviews the studies of liquidity spillover effect that cross - border listing brought to the stock markets. The article finds that the impact direction of the liquidity spillover taken by the cross - border listing is uncertain, the possible effects include negative effect, positive effect and win - win situation and all these depends on the stock market＇ s actual conditions. The factors that influence the effect direction include the number of the small investors in the home country market, market transparency and information correlation across markets, time zone difference, commission rate, development of home country market, capital control, and the correlation rate of return across markets. Related researches on cross - border listing are developing in China also, but researches on the impact that cross - border listing have been making to our stock market are very few, and we should strengthen the work in this area in the future.