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。
Hantec holdings limited today announces that its wholly - owned securities brokerage arm , ht securities limited has been qualified by the china securities regulatory commission csrc as a licensed broker of b shares , with approval to operate b - share related businesses both on the mainland and overseas for a term of two years 金融服务集团亨达集团有限公司今天宣布，集团旗下从事证券经纪业务的亨泰证券有限公司已成功取得中国证券监督管理委员会中国证监会发出经纪商资格种类之经营外资股业务资格证书，授权亨泰证券于中国境外及境内经营b股买卖业务，有关批准资格为期两年。
Using standard event methodology to examine the daily abnormal returns around the prospectus date and the listing date of b shares shows that the dual listing has a negative effect on returns . these negative abnormal returns can be explained by the market segmentation hypothesis and the investor recognition theory of merton , but not consistent with the liquidity theory of amihud and mendelson 我们发现a股上市企业在b股招股公布前价格出现明显的正超额收益，但上市后就大幅下跌，主要原因在于投资者预期收益随着市场分割程度的降低和投资者数量的增加而下降，与国外情况不同的是， b股上市后a股流动性降低，这也是导致价格下跌的原因之一。
The second chapter talks about financial report information outside report . at first talks about different account policy , different account standard " s influence on list corporation account information , the typical example is our b share list corporation account information has difference because of adopting our homeland account standard or international account standard . all indicate the importance and necessity of the information outside report ; because our list corporation is originated from the former state owned enterprises , associated transaction is frequent , talks about our list corporation associated transaction shortage , then compares the difference on associated transaction information exposure , at last analyses the exposure difference between our list corporation and american list corporation 首先探讨采用不同会计政策、不同会计准则对上市公司会计信息的影响，典型的例子为我国发行b股上市公司由于分别采用国内准则、国际准则，会计信息便有较大的差异，说明表外信息的重要性和必要性；再针对我国上市公司大都从原国有企业改制而来，关联交易频繁，阐述了我国上市公司关联交易方面存在的弊端，然后对关联交易信息披露的国内外差异进行比较，最后以ibm公司2000年年报为例，分析了我国上市公司按照国内会计准则披露的内容与美国上市公司按照美国会计准则披露的内容相比有何差异。
This thesis takes a close and deep look at volatility of chinese stock market price during the recent 10 years , especially during the periods before and after the openness to domestic investors of b share in feb . 2001 . based on the study of chinese stock price volatility , this thesis analyses the cointegrated relationship between the four different share indexes , namely shanghai a - share , shanghai b - share , shenzhen a - share and shenzhen b - share . it is of certain meaningful theoretically and realisticly 而后,运用协整理论和误差修正模型对我国沪深a 、 b股股指收益率之间的联动性进行分析。最后,针对b股对境内投资者开放这一股市上的重大事件进行前后的波动溢出效应分析和比较研究。实证分析结果表明:第一,我国沪深a 、 b股股指收益率序列都存在尖峰厚尾,波动聚集性。
Hantec holdings limited today announces that its wholly - owned securities brokerage arm , ht securities limited has been qualified by the china securities regulatory commission ( csrc ) as a licensed broker of b shares , with approval to operate b - share related businesses both on the mainland and overseas for a term of two years 金融服务集团亨达集团有限公司今天宣布，集团旗下从事证券经纪业务的亨泰证券有限公司已成功取得中国证券监督管理委员会（中国证监会）发出经纪商资格种类之经营外资股业务资格证书，授权亨泰证券于中国境外及境内经营b股买卖业务，有关批准资格为期两年。
3 . vecm of result indicate shanghai a index , shenzhen b , hengsheng index , and jiaqua - an index can recur equilibrium when they deparure equilibrium by coefficient of vecm moreover hengsheng index is very quike . by granger test indicate between a and b inde - x have cause and effect contemporary between hengsheng index and jiaquan index hav - e cause and effect , this result is same to vecm 3 、误差修正模型结果指出上海a股,深圳b股、恒生指数和加权指数在短期偏离均衡时,仍可经由误差修正项的调整而回到长期均衡关系,并且恒生指数的调整速度是最快的正向调整。
Firstly , the thesis explores the price difference between a and b share , and uses the rate of discount of b - share to describe the price difference , we conclude that the rate of discount of b - share declines as time passing , and there is a big drop when b - share market is open to domestic investors ; all the dual - listing companies ’ b - shares are traded at a discount , but the discounted degree of b - share is different among companies 首先,笔者运用双重上市公司a 、 b股的历史数据,从时间、范围、程度三方面对b股折价率进行了统计性描述。结论认为: ( 1 )总体上b股折价率随着时间的推移不断降低,尤其是在2001年出现明显的大幅度下降。
Our findings are as follows : firstly , the phenomena of thick tails , volatility clustering , leverage effects , are existed in chinese stock markets . bad news affecting is higher than good news ; secondly , it is found from the comparison that the arch type models with student ’ s innovation is more capable to capture characteristics of logarithmic return time series ; thirdly , return of the four share indexes keep in co - integration at a long run ; lastly , the volatility spillover effect between a - share and b - share are tested and there exists a prominent spillover effect from a - share to b - share 而深市b股发生了变化,从第一阶段的非对称现象不显著到第二阶段的显著,且跟a股保持同向的风险补偿。第四,上证a指对上证b指收益率在短期上具有格兰杰原因,在b股对境内投资者开放后, a 、 b股的关联性增强。第五,在第一阶段, a股向b股的波动溢出不太显著,在第二阶段沪深两市a股向b股的单向波动溢出均显著性存在。
