双重上市公司股票价差的实证研究.pdfVIP

Abstract Abstract Each willfacethe ofMarket instockmarket． country Segmentation phenomenon Therealso instockmarketofchina．111emostobvious is seriousmarket segmentation alebomintheA-share isthatthestock of which performance pricescompanies marketandintheH．sharelistedaredifferent．Suchdifferencesare long-standing．The initialAsharediscountsandthecurrentoftheHshare bothreflectthe part premium the in linkbetweenthetwomarkets． changes Chinahascarriedoutthesharereformsince2005．Thereformtriestoremake Chinesemarketfromthe level．So廿1atAshareandHshare into capital system prices Duallisted lineCallbeachieved．Inthe of share of periodequitysplit，A price is thanitsHshare thesharereforill．the companiessignificantlyhigher price．After marketincreases． of betweenCIlinesestockmarketandinternational degreelinkage ，nledifferencebetweenAshare andHshare showsa trend． pfice price narrowing Financialcrisisin2008isa onChineseandinternationalmarket． hugeimpact capital It an the this isalso forthe of market．Incontext．stock opportunityadjustmentcapital itaremore showamoreintensefluctuationandtheinformationinclude