In contrast to what has been observed in other markets with a similar segmented structure , the china b shares and h shares trade at an average discount of about 75 % relative to the prices at which domestic a shares trade . there are only limited studies on this " strange " phenomenon 这两种股票的价格表现差异很大，但与国外不同的是，外资股（ b股或h股）的价格普遍低于普通股票（ a股） ，折价程度大约为72 ，对中国这一特殊现象国内外学者至今没有很好地解释。
In combination with the stock market segmentation theory and the financing decision - making theory , it analyzes the advantages and background of cross - border financing through dual listing as to chinese companies . we use the financial data of chinese dual listing companies which issued a share , h share or a share , b share at the same time during the period from 1999 to 2002 , analyze the financial characteristics of chinese cross - border financing companies , with the help of statistical method such as binary logistic regression and the descriptive statistics 本文结合股票市场分割理论和融资决策理论,对我国企业通过吸纳国外资本进行跨境融资的背景和优点加以分析;运用1999到2002年我国同时发行a股、 h股或b股和只发行a股的上市公司的财务报表数据,采用二项逻辑回归等统计推断方法,结合描述性统计,对我国上市公司中进行跨境融资企业的财务特征进行分析研究。
We find that the phenomenon can be explained by basic economic principles and the proxies for information asymmetry account for a significant portion of the b share and h share discounts . prior to 1998 , the information asymmetry focuses on the disclosure quality and transmission efficiency ; after 1998 , the effect focuses on the different reflection to the same information among different investor groups . in addition , the greater difference of demand elasticity between domestic investors and foreign investors make large contribution to deepen b share and h share discount degree in recent years 在接下来的第五章中，我们对1994年1月至2000年12月中国所有的ab股和ah股的历史数据进行实证检验，发现造成中国外资股价格普遍低于普通股票价格的形成原因是多方面的，其中信息不对称是最重要的原因，在1998年前主要是信息质量和传递速度的差异造成的， 1998年后信息不对称的影响以对信息的理解差异为主。
Someone think the share structures of chinese companies are too concentrated and need to be adjusted to a relatively scattered structure . someone said the difference in rights and obligations of different kinds of shares like a share , b share , h share and n share is the main cause of current low efficiency . someone think we need independent outside director to counteract the intensive control from the primary shareholders 对此有人认为股权结构存在一股独大的问题，需要以国有股减持来使股权分散化；有人觉得国有股不能减持而只能缩股，有人觉得需要放宽机构投资者如银行、保险公司的持股限制；同时许多学者从实证的角度来分析股权结构与公司绩效的关系。
