信息不对称与H股折价关系的定量研究

An Empirical Study on Discount of H Shares and Information Asymmetry

在中国,外资股市场上的股票价格比相同公司在A股市场上的股票价格要低,这就是所谓的外资股"折价"现象,本文以A股、H股双重上市公司的H股折价现象为研究对象,通过实证分析,寻找影响折价及其程度的关键性因素。研究表明信息不对称因素是影响H股折价程度的关键性因素之一,并且A股、H股市场间的信息不对称存在着方向性。

The price of foreign shares is lower than that of those listed in the A stock market in China. This phenomenon is so called 'foreign shares discount'. Through an empirical analysis, this paper attempts to study the phenomenon of H shares discount of dual-listed company's in order to find out the key factors affecting H shares discount and its degree. The result shows that the information asymmetry is one of the key factors affecting the degree of H shares discount and that there exists direction in information asymmetry between the A stock market and the H stock market in China.