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Based on the quarterly data of all A-share listed companies from 2011 to 2019, this article uses the multi period double difference model to explore the causes and transmission mechanism of the linkage effect of the stock prices of the two cities after the implementation of the “Land-Hong Kong Stock Connect”. The results show that: first, after the implementation of “Land-Hong Kong Stock Connect”, the degree of herd behavior of domestic investors as a whole becomes higher, and the larger the company scale is, the higher the degree of herd behavior of investors is; secondly, after the implementation of “Land-Hong Kong Stock Connect”, all listed companies have the behavior of internal investors imitating external investors, especially small and medium-sized companies; finally, from the overall sample From the point of view, the imitation behavior of internal investors is indeed conducted through the investor network, but it is divided into three categories: large, medium and small companies. Only the imitation transmission path of large companies is the investor network, and small and medium companies do not realize the imitation behavior through the network. The research of this article is helpful to appeal for rational investment of investors and provide empirical evidence support for further opening of capital market.

Why is the Capital Market Opening up and Stock Price Linkage?—Empirical Research Based on “Land-Hong Kong Stock Connect”