摘要
基于Collings(1997)的估值模型对29家A+H股公司财务信息与两地股价相关性的检验表明:以财务信息为基础的估值模型对H股股价的解释力度优于A股,H股估值较A股合理。进一步的研究发现:会计盈余、现金股利、A股流通股比例与H股相对于A股的折让率呈负相关关系。这些研究结果支持了一个新论点,即A股市场与H股市场存在估值理念差异,这种差异是A+H股公司两地股价差异的重要成因。
Based on the Valuation Models of Collings （1997）, the paper tests the finance information＇s value correlation of the 29 A ＋ H share listed companies. The empirical results show that, the H share＇s Goodness of fit of the two value models based on the finance information is far better than A share＇s, which indicates that the price of H share is more reasonable than A share. Furthermore research shows that, accounting earnings, the cash dividends and the negotiable A share ratios is negative to the A to H share discounts. These empirical results provide a new explanation that the discrepancy in the value idea between A share market and H share market is the main factor which affectthe price difference of A＋ H companies.
出处
《财经科学》
CSSCI
北大核心
2007年第6期16-23,共8页
Finance & Economics
关键词
估值理念
价差
净资产
会计盈余
折让率
value idea
price difference
net assets
accounting earnings
discount
