中国双重上市公司市场分割的实证研究-金融学专业论文.docx

中国双重土，行公司市场分割的实证研究A bstractD ue to existenee of m arketsegm entation bylim itation in foreign eaPitalequity，the Phenom ena oftenoeeurthatlistedeo mPany·m arks its shares w ithdifferentPriees in differentm arketsresPeetively.D ifferentfrom Prem ium in foreign equityw hieh 15 very eom m on inw estern eountries，China’5listed eom Pany fo reign一eaPitalequities Priees are Iow erthan those ofdom estie一eaPitaland H share low erthan Ashare atlarge.W hile the RM B exehange rate 15 eontin uously elimbin g uP andequitydivision alm ostfinishesitsreform ，it’5ofgreatsignifieanee to m ake analysison m ark etsegm entation through H share Priee diseountin reality.SharePriee15subjeettoitsmarket.The.artieleeoneludesthatnomatter·fromthe integrallevelof dual一listed eom Panies or from the indiv iduallevel，eertaineorrelation exists b e tw een tlie revenue rate ofH share and tha tofdom estie stoekm arket.Itsrefleetion 15 m ore sim ilarto in H ong K ong loca lshares and dual一listedA share revenue rate hardly has an ything to do w ith H ongK ong stoek m arket.A sfortheories thatargue thatfourfactors，like differenees inliquidity，risk，dem andorinform ation，have som e effeetsinH share Priee diseount.The em Piriealrearehusing Paneldata indieates thatliquidity and dem and diffirenee eontribute m osttothe H shares d iseount，w hile the eom Pany size forinfo rm ation asym m etry ean no tPassthe test.A nd P/E ratios15a notsuitableProxy forthe risk.Low erm obilitythan.A share，investors’value investm ent view Point and relatively low er riskPreferenee，relatively am Ple suPPly of cireulating shares and the m arketasym m etry，allim Pose negative effeeton the H share Priee diseount.In addition，eonstant R M B aPPreeiation eom Pared to H ongK ong eurreney 15a Positiveeontribution to inereasing the inve