中国股票市场分割(1991～2000)的理论探讨

与世界其他国家的证券市场相比,中国证券市场是一个高度分割的市场,这首先表现在它被划分成为A、B和H股三个市场,这三个市场不仅计价货币、交易机制和募集方式不同,而且各自允许开放的投资者对象也严格限定、互不开放。由此,这三个市场的股票价格彼此差别较大。重点考察了中国大陆的股票市场分割,其重要体现是中国B股市场普遍存在着严重的折价问题,在B股市场向国内持有外币的投资者开放之前,大多数上市公司B股价格不仅远低于其A股价格,有的还曾跌破发行价、资产净值和面值,这使得我国B股市场已经成为世界证券市场平均市盈率最低的市场,其平均市盈率只有11倍,这不仅大大低于A股市场平均市盈率(大于50倍),也低于国际股市的平均市盈率(15～20倍)。认为,资本控制,即投资限制、B股相对于A股的信息不对称和对人民币汇率的预期是形成B股折价的主要因素。

A theoretical investigation into the market segmentation in China's stock markets (1991~2000)

Compared with other countries' securities markets in the world, China's securities market is highly segmented. This point firstly can be embodied in the three segmental stock markets of China's securities market: A-stock market, B-stock market and H-Stock market. Among these three markets, not only is it different in pricing currency, trade mechanism and ways of raising funds, but also the investors separately permitted open are strictly limited and not allowed open mutually as well. As a result, the stock price of the three markets are quite different. This paper puts emphasis on studying China's market segmentation, which emphasizes on embodying the serious discount problem wildly existing in China's B-stock market. Most listed companies' B-stocks' prices are not only lower than those in A-stock market, but also some of them even once failed down lower than their issuing prices, net assets value and par value before B-stock market being opened to the domestic investors holding foreign currency. Therefore, China's average price-earning ratio has become the lowest one in world's securities markets, which is only 11 times. This number is quite lower than not only that of A-stock market (near 50 times), but also that of international stock market (15-20times). This paper suggests that capital control (including investment barriers, the asymmetric information from the B-stock compared to A stock, and expectation to the exchange rate of RMB) is the main factor leading to B-share discount.