中國股票市場中的國外所有權限制和市場分割【外文翻譯】

1、外文題目：FeignOwnershipRestrictionsMarketSegmentationInChina’sStockMarkets出處：JournalOfFinancialResearch作者：Chen.G.MLee.BongSooRui.Oliver原文：AbstractWestudymarketsegmentationinChinasstockmarketsinwhichlocalfirmsissuetwoclasseso

2、fshares:classAsharesavailableonlytoChinesecitizensclassBsharesavailableonlytofeigncitizens.SignificantstockpricediscountsaredocumentedfclassBshares.WefindthatthepricedifferenceisprimarilyduetoilliquidBsharemarkets.Relati

3、velyilliquidBsharestockshaveahigherexpectedreturnarepricedlowertocompensateinvestsfincreasedtradingcosts.HoweverbetweenthetwoclassesofsharesBsharepricestendtomovemecloselywithmarketfundamentalsthandoAshareprices.Therefew

4、efindAsharepremiumsratherthanBsharediscountsinChinasmarkets.I.IntroductionWeexaminetheeffectoffeignersownershiprestrictionsonequitypricesinChina.Recentlythefinanceliteraturedocumentsthatwithfeignownershiprestrictionsacla

5、ssofsharesopentofeignerstendstocommhigherpricesthanthoseopentodomesticinvests(e.g.StulzWasserfallen(1995)DomowitzGlenMadhavan(1997)).AnexceptionisstocksinChinawhichhavereceivedrelativelylittleattentionuntilrecently.Hieta

6、la(1989)reptsasubstantialpremiumfthefeignsharepriceftheFinnishstockmarketf198485.Hederivesequilibriumreturnswhendomesticinvestsareallowedtoholdonlydomesticstocks(restrictedFinnishunrestrictedFinnishstocks)feigninvestsare

7、allowedtoholdallstocks(feignstocksunrestrictedFinnishstocks).Heshowsthatinthismarketsettingdomesticinvestsmaypaylessthanfeigninvestsfdomesticstocks.BaileyJagtiani(1994)studytheeffectsofcapitalcontrolsusingdatafromThailwh

8、ichsegmentlocalfeigntradingofsecuritiesthathavereachedfeignownershiplimits.Theyfindthatanaveragepremiumof19percentexistsontheAlienBoardofthehypothesis.Althoughthesehypothesesmayexplainthepricedifferencesbetweenthetwoclas

9、sesofsharestheyarenotnecessarilycomplementarytheyyielddifferentempiricalpredictions.Weacterizeeachhypothesisbyitsempiricalimplicationsexamineempiricalevidenceoneachhypothesisusingapaneldataanalysis.Toaddressthesecondissu

10、eweexamineamodelofdynamicrelationbetweenfuturecashflowsthetwoclassesofshareprices(returns)thattellsustherelativeweightofeachclasssharepricefgivenmarketfundamentals.OverallwefindthatthesubstantialdiscountsinclassBsharesar

11、eprimarilyduetoilliquidBsharemarkets.RelativelyilliquidBshareshaveahigherexpectedreturnarepricedlowertocompensateinvestsfincreasedtradingcosts.HoweverbetweenthetwoclassesofshareswefindthatBsharepricestendtomovemecloselyw

12、ithmarketfundamentals.ThissuggestsAsharepremiumsratherthanBsharediscounts.II.IntroductionofChinasStockExchangesSampleDataTheemergenceofChinascapitalmarketsbeganwithissuanceofstatetreasurybondsin1981stateenterprisescpateb

13、ondstoemployeesin1984.Somestateenterpriseswerealsoallowedtoissuestockstotheiremployees.ThecapitalmarketswerenotwellshapeduntilthefmalestablishmentoftheSHSEonDecember191990theSZSEonJuly31991.In1992Chinaallowedsomecompanie

14、stoissueaspecialtypeofstockBsharesftradingbyfeigninvests.ThetwoBsharemarketsSHSEwhereBsharesaredenominatedinU.S.dollarsSZSEwhereBsharesaredenominatedinHKdollarswereestablishedtoenouragefeignparticipatianinthemainlsdouble

15、digiteconomicgrowth.AlthoughtechnicallyprohibitedfromtradingBsharesdomesticparticipantshavebeenallowedtotradeBsharesundercertainconditions.ChinasstockmarketshaveexpedrapidlyasshowninTable1.ThenumberofAsharelistedfirmshas

16、increasedfrom53in1992to720in1997ofwhich372tradedontheSHSE348tradedontheSZSE.ThenumberofBsharelistedfirmshasincreasedfrom14in1992to101in1997ofwhich50tradedontheSHSE51tradedontheSZSE.Thetotalmarketcapitalizationhasincrease