A、B股市场信息价值的比较研究  

On Information Value of Earnings Announcement in Segmented A and B Share Market

作　　者：马鑫 冯德刚 

机构地区：[1]长虹电子集团有限公司,四川锦阳621000 [2]成都证券有限公司,四川成都610000

出　　处：《商业研究》2004年第2期132-136,共5页Commercial Research

基　　金：国家自然科学基金项目 (7972 5 0 0 2 )资助

摘　　要：中国证券市场具有在全世界资本市场都堪称独特的A、B、H股市场分割体制 ,对这一问题的研究具有重要的学术价值和现实意义。从会计盈余信息价值的角度研究我国证券市场分割 ,即通过比较A、B股市场中双重上市公司的股价和成交量对不同会计准则下盈余信息的反应 ,发现两个市场在信息传递、信息评价、信息反应模式等方面体现出明显的信息价值差异 ,同时就证券市场分割下信息价值差异的成因及解决对策进行了探讨。Under a complicated historical background, Chinese stock market has formed a very unique segmented market system with A, B and H share market existing together,the study of which has significant acdemic value and realistic meaning. Through analysis on dual listed company's share price and trading volume reaction to earnings announcement under different auditing standard, we found there are differences of information transfer, information evaluation and information reaction mode between A and B share markets. Then we discuss the causation of this difference in information value and provide some correspondent policy suggestion.

关 键 词：中国 证券市场 市场分割 会计盈余信息 信息价值 B股 A股 

分 类 号：F832.5[经济管理—金融学]