中文摘要：

文章首先利用香港股市主板市场与创业板市场数据探讨两者之间的互动关系，研究发现两个市场在波动性与流动性方面存在单向溢出效应，即创业板市场的推出并未加剧主板市场的波动性，也未显著分流主板市场的资金；同时，还利用沪深主板市场与深圳中小企业板市场数据分析主板与中小企业板市场之间的联动性，结果表明，仅深圳主板市场波动性单向溢出到中小企业板，沪深主板与中小企业板市场在流动性方面存在双向溢出效应。对此，针对创业板的推出时机与风险防范提出相应的建议。

英文摘要：

The paper studies the relationship between the main--board market and the second--board market by using the data of Hongkong stock market. The studies reveal that there exist unidirectional spillover effect of volatility and liquidity between the two markets above which means that the second board market has not intensified the volatility of the main-board market and also has not significantly attracted the capital of the main-board market. Then the paper also explores the linkage between the main-board market and small-and-medium enterprise board market based on the data of main -board markets in Shanghai and Shenzhen and small-and-medium enterprise board market in Shenzhen. It shows that there is significantly unidirectional spillover effect of Shenzhen＇s main-board market on small-and-medium enterprise board market, while there is a two-way spillover effect of liquidity between main-board markets in Shanghai and Shenzhen and small-and-medium enterprise board market. Finally, the paper puts up some suggestion on the time of establishing second board market and risk aversion.