通过总结国内外股票市场分割理论的最新研究成果,综述和评价股票市场分割理论以及其在中国股票市场应用。本文从股票市场分割的定义着手,分析了市场分割程度的测度问题,而后分析了估值差异、信息不对称和流动性差异等软分割因素导致的双重上市股价差异,解释其在中国市场内资股溢价现象上的作用。
This paper reviews the theory of stock market segmentation as well as its application in China. Based on the definition of stock market segmentation, it explores the measurement of segmentation and summarizes the theoretical explanation to the price difference of dual listings caused by the factors of soft segmentation such as valuation difference, information asymmetry and liquidity difference and so on, which contribute to the interpretation of domestic stock premium.