市场分割与中国股市发展——A、B股市场一体化进程的启示

Market Segmentation and Chinese Stock Market Development: Enlightenments from the Market Integration Process of A and B Shares

本文从双重挂牌公司的A、B股价格差异和A、B股收益率差异角度,分析B股向境内投资者开放对A、B股市场一体化进程的作用程度。在此基础上探讨了A、B股市场一体化进程的经验和存在的问题,并试图提出一套解决中国非流通股与流通股市场分割问题的渐进式改革方案。

This study investigates the effect of opening China＇s B-share market to the domestic investors on the process of Chinese A and B markets integration by comparing the differences of price and risk-adjusted rate of return between A and B shares issues by the identical companies before and after the event. And it critically reviews the experiences and remaining problems during the process and brings forward a proposal for progressively integrating illiquid and liquid shares in Chinese stock markets.