H股相对于A股的折让研究

Research on the Discount between H Share and A Share

H股作为中国证券市场的一个有效补充,对中国吸引外资、促进国外投资者了解中国企业起到了极大的作用。考虑到H股市场得到信息的快捷性和准确性,本文重点研究了A股和H股之间的折让关系,建立了概念模型,提出了假设,而后的数据实证从横截面数据和时间序列数据验证了我们认为的部分因素对这种折让关系影响的假设。

As an effective complementarity to domestic A share market, H share market has played an important role in attracting foreign capital flows into mainland.Considering that H share market enjoys relatively more freedom of information and has greater and faster access to global news sources,the paper mainly researched on the discount between H share and A share. By constructing the model and proposing the proposition, our empirical test confirms our proposition about the factors affecting this discount both from the cross-section and time-serial data.