滬港深交叉上市公司股價差異之研究

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Title:	滬港深交叉上市公司股價差異之研究
Authors:	林苑卉;Lin, Yuan-Hui
Contributors:	經濟學系
Keywords:	交叉上市;金融業與非金融業;同股不同價;股價差異;cross-listing;finance and non-finance;different price of the same stock;price differences
Date:	2021-06-23
Issue Date:	2021-12-07 12:48:34 (UTC+8)
Publisher:	國立中央大學
Abstract:	由於境外市場可以募集到更多的資金，交叉上市公司日益增多，但不斷增多的上市股在 A股與 H股之間存在著價格差異的問題。「同股不同價」現象會影響投資人對於同一家企業股票所做出的判斷和決定。價格是由市場決定的，價差不能直接根除，但可以找出影響價差的因素。因此，本文在對國內外交叉上市公司股價差異的理論與研究的基礎上，分析大陸、香港兩地交叉上市公司的現狀，並探討金融行業與非金融行業股價差異的影響因素。本文先找出引起交叉上市公司在不同市場出現股價差異的因素，再從流動性假說、投資者偏好、風險差異、需求彈性假說、市場系統風險及深港通政策等因素分成金融業與非金融業兩大類進行市場整體分析。最終證明了「同股不同價」現象受市場因素、產業因素及深港通政策的影響。;As overseas markets can raise more funds, cross-listing companies are increasing day by day. But the increasing number of listed stocks has a price difference between A-shares and H-shares, A-shares and N-shares. The phenomenon of "different price of the same stock" will affect the judgment and decision made by investors on the stock of the same company. Based on the theory and research on the stock price difference between domestic and foreign cross-listing companies. This paper analyzes the current situation of cross-listing in mainland China, Hong Kong, and discusses the factors affecting the stock price difference between financial industry and non-financial industry. This paper proves that AH stock price spread is affected by market factors, industrial factors and Shenzhen-Hong Kong Stock Connect policy.
Appears in Collections:	[Graduate Institute of Economics] Electronic Thesis & Dissertation

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