中文摘要：

针对本土和异地共同上市的标的金融资产价格之间联动关系问题，目前海外有“国内偏好”假说和“国际中心”假说。本文将微观结构因素中的非同步交易引入到该类问题的研究当中，以香港市场H股和内地市场A股股价的联动性为研究样本。探讨非同步交易下的市场信息传播特征。研究发现，在非同步交易市场中。“国内偏好”和“国际中心”可以分别解释市场间因非同步交易引起的信息传播特征。

英文摘要：

According to financial asset prices causality of cross- hsted stocks, there are Home Bias hypothesis and International Center hypothesis. This paper introduces the microstructure effect of non- synchronous into the study of prices causality of cross- listed stocks, and explores the characteristic of information transmission between cross - listed A share market and H share market. The results show that, in the markets of non - synchronous, Home Bias and International Center can help explain the different characteristic of information transmission.