A＋H股价差及其影响因素研究——基于公司微观特征的一个新视角

A ＋ H Stock Price Differences and the Influence Factors： Based on a New Perspective of the Company Features

分析我国双重上市公司股票在A股、H股市场产生的价差运用回归分析模型研究了双重上市公司价差的影响因素。结果表明：相对于香港投资者，内地投资者的投机心理较为严重，使得EPS与股价差成负相关关系；而内地投资者对从H股回归A股的上市公司普遍估价较高，使得股票价格差异较小；对于总部在广东省的上市公司，因为其在信息不对称方面的减弱，股价差较小；境外投资者同样对这类国家控股的大型“中”字头企业存在一定的偏好。

This article analyses the causes of cross-listing stock price differences in A and H -share market, and studies the influence factors via regression analysis model. The results shows that because the investors in mainland have more serious speculation than the investors in Hong Kong, there＇s a negative relationship between EPS and stock price; because the investors in mainland generally have higher evaluation to the companies which returned to A - share market from H - share market, there＇re a little differences of the stock prices ; because the asymmetric information is weakening for the listed company whose headquarters in Guangdong Province, there ＇re a little differences of their stock prices; foreign investors also have a certain preference for the state- controlled large-scale companies, but this preference is not significant in the analysis results.