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与其他市场研究结论不同的是,中国公司的A、H股长期以来显示的是A股对H股的溢价,而非折价。研究发现A、H股的价格差异可以由两个市场的预期收益率的差异来解释。分析显示:对于具有相同未来现金流的公司,其价格表现与上市地点相关。还进行了实证研究,得出了滞后变量、流动性差异、风险差异指标、需求(供给)差异指标、总流通市值指标对被解释变量的影响关系。
Different from other market research conclusions, A and H shares of Chinese companies have long shown the premium of A shares to H shares instead of discount. The study finds that the price difference between A and H shares can be explained by the difference between the expected rates of return of the two markets. The analysis shows that for companies with the same future cash flow, the price performance is related to the place of listing. An empirical study was also conducted, and the relationship between lagged variables, liquidity differences, risk differentiation indicators, demand (supply) difference indicators, and total market liquidity indicators on the explanatory variables was obtained.