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中文摘要：
国际投资者因中国经济快速成长而投资A股、H股、B股等中国股票资产。已有研究从硬分割和软分割角度研究了A—H和A—B股折扣率形成原因。本文进一步从国际与国内投资者的价值偏好差异来研究折扣率差异。对1999—2007年的面板数据采用固定效应估计方法，发现在控制其他因素后，折扣率和上市公司的价值变量显著负相关，表明国际投资者偏好价值型的中国股票资产，导致其折扣率偏低。相对信息不对称，价值偏好差异是更重要的资本市场软分割因素。
英文摘要：
Lots of international investors, attracted by the rapid Chinese economic growth, invest on Chinese equity assets such as A share, B share and H share and etc. Existent researches find that the hart and soft segmentation factors have effects on the discount rate. This paper explains the discount rate between different companies in view of difference in value preference between international and domestic investors. By applying fixed effects estimates method to the panel data from 1999 to 2007, the authors find that when other factors are controlled, the discount rate is negatively correlated with the valuation variables, which manifests that international investors prefer to Chinese valuable equity assets, leading to lower discount of the valuable companies. The difference in value preference, compared with information asymmetry, is a more vital soft factor in capital market segmentation.
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