本文選題：交叉上市 + 貨幣政策�。� 參考：《南京大學(xué)》2013年碩士論文

【摘要】：隨著全球經(jīng)濟(jì)一體化的發(fā)展和深入,越來(lái)越多的企業(yè)在商業(yè)動(dòng)機(jī)和財(cái)務(wù)動(dòng)機(jī)的驅(qū)使下進(jìn)入國(guó)際資本市場(chǎng),使得交叉上市成為國(guó)際金融領(lǐng)域一大引人注目的現(xiàn)象。我國(guó)交叉上市的歷史較短,境內(nèi)公司在A股市場(chǎng)和香港H股市場(chǎng)交叉上市成為常見(jiàn)的形式。針對(duì)交叉上市公司“同股不同價(jià)”現(xiàn)象,尤其是中國(guó)市場(chǎng)內(nèi)資股相對(duì)外資股溢價(jià)的“難解之謎”,國(guó)內(nèi)外學(xué)者進(jìn)行了不少理論分析和實(shí)證研究,得出多方面的原因。本文以貨幣政策事件為切入點(diǎn),試圖對(duì)影響交叉上市公司A-H股價(jià)格差異的因素做進(jìn)一步的討論和分析。首先,本文在前人研究的基礎(chǔ)上,對(duì)影響A-H股價(jià)格差異的一般性因素進(jìn)行了理論分析；其次,就中國(guó)貨幣政策對(duì)內(nèi)地和香港兩地股票價(jià)格的傳導(dǎo)進(jìn)行了理論和經(jīng)驗(yàn)分析；再次,利用事件研究方法,考察貨幣政策的宣告對(duì)A-H股價(jià)格差異產(chǎn)生的沖擊。研究結(jié)果表明：貨幣政策中介目標(biāo)——貨幣供應(yīng)量的變化與兩地股票市場(chǎng)價(jià)格變化并無(wú)關(guān)聯(lián)；而對(duì)于非連續(xù)的貨幣政策事件,無(wú)論是擴(kuò)張性還是緊縮性貨幣政策的宣告,均對(duì)A-H價(jià)格差異的變化產(chǎn)生影響。最后,根據(jù)文章結(jié)論,本文對(duì)未來(lái)A-H股價(jià)格差異的變化趨勢(shì)提出研究展望,并給出相關(guān)政策建議。
[Abstract]:With the development and deepening of global economic integration, more and more enterprises enter the international capital market driven by commercial and financial motives, making cross-listing become a major phenomenon in the international financial field.The history of cross-listing in China is relatively short. Cross-listing of domestic companies in A-share market and H-share market in Hong Kong has become a common form.In view of the phenomenon of "the same share with different prices" in cross-listed companies, especially the "inextricable riddle" of the premium between domestic and foreign shares in the Chinese market, scholars at home and abroad have carried out a lot of theoretical analysis and empirical research, and come to many reasons.Based on the monetary policy events, this paper attempts to further discuss and analyze the factors affecting the price differences of A-H shares in cross-listed companies.First of all, based on the previous studies, this paper makes a theoretical analysis of the general factors affecting A-H stock price differences. Secondly, it makes a theoretical and empirical analysis on the transmission of China's monetary policy to the stock prices of the mainland and Hong Kong.This paper investigates the impact of the announcement of monetary policy on A-H share price difference by means of event study.The results show that there is no relationship between the change of monetary policy intermediate target and the price change of stock market in both places, but for discontinuous monetary policy events, whether expansionary or contractionary monetary policy is announced,Both of them have an effect on the variation of A-H price difference.Finally, according to the conclusion of the paper, this paper puts forward the research prospect of the change trend of A-H share price difference in the future, and gives some relevant policy suggestions.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F822.0;F832.51

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