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国际投资者因中国经济快速成长而投资A股、H股、B股等中国股票资产。已有研究从硬分割和软分割角度研究了A-H和A-B股折扣率形成原因。本文进一步从国际与国内投资者的价值偏好差异来研究折扣率差异。对1999-2007年的面板数据采用固定效应估计方法,发现在控制其他因素后,折扣率和上市公司的价值变量显著负相关,表明国际投资者偏好价值型的中国股票资产,导致其折扣率偏低。相对信息不对称,价值偏好差异是更重要的资本市场软分割因素。
International investors invest in Chinese stocks such as A-shares, H-shares and B-shares due to the rapid growth of China’s economy. Research has been done on the causes of A-H and A-B share discount rates from the perspective of hard-partitioning and soft-partitioning. This article further studies the differences in discount rates from the differences in the value preferences of international and domestic investors. Applying the fixed effect estimation method to the panel data from 1999 to 2007, we find that after controlling for other factors, the discount rate is significantly and negatively correlated with the listed company’s value variables, indicating that the international investors prefer the value-based Chinese stock assets, resulting in a discount rate low. The relative information asymmetry, the difference of value preference is more important soft segmentation of capital markets.