本文關鍵詞： A股 B股 市場分割　出處：《蘇州大學》2014年碩士論文　論文類型：學位論文

【摘要】：從理論上來說，出于一價定律，“同股同權”的股票則應“同價”。而現實中，由于市場分割現象的存在，往往會出現“同股同權不同價”的現象，，中國的A、B股市場就是一個很好的例子。隨著浙能電力B股轉A股上市首日大漲53.71%，A股相對于B股的溢價問題再次進入投資者的視野。本文旨在研究A、B股的溢價情況及產生溢價的原因。 本文在充分分析歷年來國內外學者提出的各種理論及模型的基礎上，選取2002年至2014年3月之間滬市41家、深市38家雙重上市的公司，采用逐步回歸模型，從全新的角度來探索A股相對于B股溢價的原因。通過實證分析，本文得到以下結論：（1）A、B股兩個市場存在明顯的市場分割，但是隨著2005年股權分置改革的推進，市場分割程度得到了一定的減弱；在近幾年，隨著市場的進一步發(fā)展及資本市場的不斷開放，A、B兩個市場的一體化進程正在不斷的加快，但是仍然存在著較為明顯的市場分割現象。（2）在滬市中，造成A股相對于B股溢價的主要原因有A、B兩市信息不對稱、風險差異以及投資者對A、B兩個市場的股票的需求不同。其中最主要的原因為兩市的風險存在差異。（3）在深市中，造成A股相對于B股溢價的主要原因為風險差異及信息不對稱，其中最主要是因為兩市的風險差異，差別需求假說基本不能解釋深市的A股溢價情況。 根據研究結論，本文在最后提出了一些政策建議：規(guī)范信息披露制度、引導正確的資金流動方向、上市公司合理分配A、B股融資比例、增加機構投資者、加快金融改革創(chuàng)新的步伐。
[Abstract]:In theory, from the law of one price, the same rights "should be" stock price ". But in reality, due to market segmentation phenomenon, often have the same rights different price" phenomenon, China A, B-share market is a good example with Zhejiang electric power. B shares A shares listed on the first day of A shares rose 53.71%, compared to the premium B again into the view of investors. This paper aims to study the A premium B and premium.
Based on the analysis of various theories and models in recent years domestic and foreign scholars on the selection between 2002 and March 2014 41 Shanghai and Shenzhen 38 dual listed companies, using stepwise regression model, from a new perspective to explore A shares relative to B premium from the original. Through empirical analysis, this paper obtained the following conclusions: (1) A, there are two obvious market B-share market segmentation, but with the 2005 split share reform, the degree of market segmentation has been weakened; in recent years, with the continuous opening, the further development of capital market and the market of A, the integration process of the two markets are constantly B speeding up, but there are still more obvious market segmentation phenomenon. (2) in Shanghai, A shares relative to the main reason causing the B-share premium A, B two, asymmetric information, risk difference and the investors of A, B two The stock market needs different. The risk is the main reason for the two cities are different. (3) in Shenzhen, A shares relative to the main reason causing the risk premium for B-share differences and information asymmetry, which is mainly because of the difference of risk two of the difference between basic demand hypothesis cannot explain the Shenzhen A shares premium.
According to the research conclusion, this paper finally puts forward some policy recommendations: standardizing the information disclosure system, guiding the correct direction of capital flow, rationally distributing the proportion of A and B shares, increasing institutional investors and accelerating the pace of financial reform and innovation.

【學位授予單位】：蘇州大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51

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相關期刊論文 前9條

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本文編號：1514627