沪港通交易制度的顺利开通,拓宽了两地投资者的投资渠道,推动了我国境内资本市场与国际资本市场接轨,对中国A股市场稳定性有重要影响.本文以复杂网络理论为基础,基于最小生成树算法构建了沪股通市场、港股通市场和沪港通市场关联网络,仿真模拟研究不同市场网络在沪港通试点和正式开通前后四个阶段的抗攻击情况,进而探究我国股票市场的稳定性.研究表明:随着政策的不断发展,沪股通和港股通市场网络在保持局部聚集性的同时不断融合;沪股通市场网络具有较强的聚集性,而港股通市场网络相对分散;面对随意攻击不同市场均可保持较好的鲁棒性,而面对恶意攻击则呈现一定的脆弱性;沪港通政策正式开通后,两市网络的不断融合提高了股票市场的稳定性.研究结论为我国股票市场稳定性研究提供了新的思路,同时也为监管者制定监管政策和上市公司维护股价稳定,提供了新的启示.%The successful operation of Shanghai-Hong Kong Stock Connect Trading Mechanism has broadened the investment channels of investors,promoted the convergence of domestic capital market and international capital market,and had great influence upon China's A-share stock market stability.Based on the complex network theory,the MST-Kruskal algorithm is used to construct different networks composed of the Shanghai Stock Connect market,the Hong Kong Stock Connect market or the Shanghai-Hong Kong stock market,and the anti-attack performances of different networks,in four stages before and after the pilot project and the official operation of Shanghai-Hong Kong Stock Connect,are simulated.Then the stability of China stock market is studied.Our results show that,with the implementation of Shanghai-Hong Kong Stock Connect program,the market networks of Shanghai Stock Connect and Hong Kong Stock Connect merge constantly while maintaining their local cluster.Shanghai Stock Connect market network has a strong aggregation,while Hong Kong Stock Connect market network is relatively decentralized.Besides,the two markets maintain good robustness when facing random attacks,and show a certain vulnerability under a hostile attack.After Shanghai-Hong Kong Stock Connect launched officially,the combination of the two markets improves the stability of stock markets.In all,our conclusions provide a new logic for the stability research of Chinese stock market,and new enlightenment for regulators to develop regulatory policies and listed companies to maintain the stability of their stock prices.
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