市场分割下中国双重上市公司资产定价效率问题研究.pdf

市场分割下中国双重上市公司资产定价效率问题研究16352355191 1 1 1 1 1
率要高于 “A +B”公司 , H股的价格较能反映公司的真实估值 , 对
A股的定价具有指导作用。
[关键词 ] 市场分割 ; 资产定价 ; 首日抑价
[中图分类号 ] F015　　　 [文献标志码 ] A　　　 [文章编号 ] 1007—5097 (2009) 09—0046—05
Research on the A sset Pr ic ing Eff ic iency of D ua l listed
Com pan ies of Ch ina Under M arket Segm en ta tion
YAO Ya wei, YANG Chao jun
(Antai College of Econom ics and M anagem ent, Shanghai J iaotong U niversity, Shanghai 200052, China)
Abstract: the paper analyzed the asset p ricing efficiency of dual - listed companies of China under the market segmentation from IPO p ri
cing, the underp ricing of IPO and the p rice difference under the second market, the results showed that the p rice of domestic shares were
dual overp ricing phenomenon compared to foreign in IPO p ricing and underp ricing IPO. On p ricing efficiency, for“A + H”companies,
the issue p ricing was significant effected by the p rice of H shareswhen A shares issuing, and uncorrelated w