H股回归A股对H股本地市场流动性的影响  

The Influence of the Return of H Shares to A Shares on the H Shares Stock Market Liquidity

作　　者：曹璐[1] 高佳华 

机构地区：[1]南京大学商学院,江苏南京210046

出　　处：《西部金融》2013年第10期39-43,共5页West China Finance

摘　　要：本文通过实证分析,考察了我国公司以H股回归A股方式交叉上市对公司股票在H股市场的影响,揭示了交叉上市的流动性效应。研究发现:H股回归A股市场这一事件本身在短期会对H股的流动性会造成一定的积极影响。进一步对模型修正后我们发现,在H股回归A股市场这一事件公布后的40个交易日里,H股股票的流动性较这一事件公布前的40个交易日有显著的增大。Through the empirical analysis, the paper reviews the influence of the cross listing by means of the return of H shares to A shares on the stocks in H shares, and reveals the liquidity effect of cross listing. The study finds that the issue of the retum of H shares to A shares market will cause certain positive effect on the H shares liquidity in the short term. After further revising the model, we find that during 40 trading days after the information of the return of H shares to A shares market is released, the liquidity of H shares is increased significantly compared with 40 trading days before the incident.

关 键 词：H股市场 A股市场 交叉上市 股票流动性 

分 类 号：F830.31[经济管理—金融学]