市场市盈率差异对AH股溢价的影响  

The Impact of Differences of Market Price-to-earnings Ratio on AH Share Premiums

作　　者：丁翔宇 DING Xiangyu(School of Business,Suzhou University of Science and Technology Suzhou,Jiangsu 215009)

机构地区：[1]苏州科技大学商学院,江苏苏州215009

出　　处：《中国商论》2023年第16期128-132,共5页China Journal of Commerce

摘　　要：本文选取2017—2022年的中国股票市场月度数据,研究A股市场和H股市场市盈率差异对AH个股溢价的影响。研究证实,考虑控制变量和固定效应后,A股市场相对H股市场有较高的市场市盈率,对AH股溢价有显著的负向影响,启示投资者不能盲目跟随市场市盈率较高类型的股票,否则将获得负向的资本利得。政府应关注二级市场A股市盈率的动态变化,控制市场情绪风险,促进A股和H股市场的进一步沟通,引导投资者理性投资,促进A股市场健康发展。This paper selects the monthly data of the Chinese stock market from 2017 to 2022 to study differences between the A-share and H-share market price-to-earnings ratios and their impact on AH stock premium.The study confirms that after considering control variables and fixed effects,the A-share market has a higher market price-to-earnings ratio compared with that of the H-share market,which has a significant negative impact on AH share premium,revealing that investors should not blindly follow the stocks with higher market price-to-earnings ratios,otherwise they will get negative capital gains.The government should pay attention to the dynamic changes in the A-share price-to-earnings ratio in the secondary market,control risks of the market sentiment,promote further communication between the A-share and H-share markets,guide investors to invest rationally and promote the healthy development of the A-share market.

关 键 词：市场市盈率 投资者情绪 AH股溢价 二级市场 理性投资 

分 类 号：F832.5[经济管理—金融学]