At the beginning of 2024,the State Council executive meeting emphasized the strengthening of capital market regulation and the creation of a standardized and transparent market environment.Since the opening of the Shanghai Stock Connect and Shenzhen Stock Connect in 2014,some mainland investors have opened securities ac-counts and northbound trading privileges in Hong Kong to buy and sell A-shares through the Shanghai Stock Connect and Shenzhen Stock Connect,which are"fake northbound"funds.According to the revised version of the"Certain Provisions on the Mainland/Hong Kong Stock Market Trading Interconnection Mechanism",after 24 July 2023,"fake northbound"investors can only sell A-shares but not buy A-shares.In this paper,we use the effective date of the a-bove policy as a quasi-natural experiment,and adopt the double-difference method to find out the traces of"fake northbound"outflow from Shanghai and Shenzhen stock exchanges.The empirical results show that around 24 th July 2023,the average northbound trading ratio of Shenzhen stocks in the experimental group increases significantly,while the average northbound trading ratio of Shanghai stocks does not change significantly.Combined with the data on net northbound fund inflows,the phenomenon of"fake northbound"trading of A-shares through the Shenzhen Stock Con-nect is more serious,while the phenomenon of trading of A-shares through the Shanghai Stock Connect is less seri-ous.This paper shows that the latest version of the interconnection mechanism between the Mainland and Hong Kong is a preventive regulatory measure that cuts off the risk of potential irregularities and purifies the investment environment of the A-share market,which is of great positive significance.
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