A-H股交叉上市公司的價(jià)差實(shí)證研究.pdf

1、073025029唐傳龍AH股交叉上市公司的價(jià)差實(shí)證研究目錄摘要1f’LBSTRACT2第一章引言411研究背景與選題意義412研究方法513論文結(jié)構(gòu)614論文創(chuàng)新6第二章AH股市場(chǎng)的概述721A股市場(chǎng)的發(fā)展概述722H股市場(chǎng)的發(fā)展概述一823AH股價(jià)差有關(guān)的現(xiàn)象1O第三章文獻(xiàn)綜述l331國(guó)外研究文獻(xiàn)綜述1332國(guó)內(nèi)研究文獻(xiàn)綜述16第四章價(jià)差因素的模型設(shè)計(jì)與實(shí)證分析1941數(shù)據(jù)19411樣本公司描述19412樣本數(shù)據(jù)處理2242價(jià)差描述

2、22421價(jià)差變化趨勢(shì)。22422價(jià)差相關(guān)性2443模型設(shè)計(jì)26431變量選擇與假設(shè)26432模型設(shè)計(jì)3344實(shí)證分析34第五章總結(jié)與建議3951總結(jié)一3952建議39參考文獻(xiàn)42后記。44073025029唐傳龍AH股交叉上市公司的價(jià)差實(shí)證研究ABSTRACTInthispaperreferencetodomesticandforeignscholarsundertheconditionsofmarketsegmentationfor

3、crosslistedstockpriceoftheresearchresults，combined謝t11theMainlandandHongKongstockmarket，theactualsituationin2000—2008inninesamplesduringtheyear57AH，andsharesoflistedcompaniesforthesample，throughtheestablishmentofeconomet

4、ricmodelsandpaneldataanalysisusingmethodsofempiricalanalysisofcrossAHsharecompanieslistedonthestockpricedifferencebetweenathoroughstudyofthephenomenonSpreadfromtheimpactofmarketfactors，companyfactors，theanalysisofpolicyf

5、actors，adetailedexaminationoftheAHpricechangesbadEmpiricalanalysisshowsthattheimpactofAHpricedifferencebetweentherelativestrengthofthemarket，therelativeexchangerate，thanthesupplyoftradableshares，stockpricevolatilityratio

6、，theinformationasymmetryfactors，thecompany—ownedindustries，HongKongstocksthroughtrain，sharereformandotherfactorsFoundthatdemandelasticityhypothesisandtheriskdifferencebetweenhypothesisandconclusionofthestudyofliteraturei

7、sdifferent，andthemobilityoftheasymmetricinformationhypothesisandthehypothesisoftheAHpricedifference、蕊ththebetterexplanatorypowerTheothertwomarketsandtherelativestrengthofchangesinrisk—freeinterestratespreadhasasignifican

8、timpact，thecompanywhichtradesonthepriceandtherehavebeennoticeable，whiletheproportionofinstitutionalinvestorsholdingsharesofthepooreffectsofAHisnotsignificantAnalysisofthesampleperiod，HongKongstocksthrough—trainandreformo

9、fshareholderrightofthesepoliciesontheAHdoesnotsignificantlyaffectthepricedifferenceWebelievethatthemechanismofmarketsegmentationbetweenthetwoplacesistherootcauseofpoorstockAHHoweverthegradualopeningupofChinascapitalmarke

10、ts，AH—sharemarkettofurtherstrengthenthelinkageofthebackground，thedifferenceoftheAH—depthstockresearch，toexploretheimpactofpricedifferencesinAHanumberoffactorscontributetoacorrectunderstandingandanalysisoftheimpactofstock