Ah Before And After The Split Share Structure Reform Cross-listed Stocks Spread

From the 1970s, a large number of western scholars begin to study the "the same stock with different price" phenomenon appeared on the international capital markets,These scholars have carried on the massive theoretical analysis and the empirical study to the different price phenomenon of same listed company at different areas. In these research processes, successively some scholars put forward the flexible difference theories of the international property list price model, market partition theories, mobility difference theories and information dissymmetry theories, risk difference theory etc, even the behavior financial academic theories of the economist explaining the problem of"the same stock with different peice"that the same listed company listed in the different region.Chinas economic scholars since 1990, also began to "A + B", "A + H" cross-listing of companys share price differences, "the mystery of the Chinese stock" theory challenged the international community get from the international capital markets, empirical theory Results. This article is precisely in view of our country Stock market special market mechanism, studied around our country Stock market stockholders rights mounted cylinder reform to affect"A+H"two Stock markets to affect the stock price difference the factor, discussed these factors to two great Stock market stock price influence, and has further analyzed the stockholders rights mounted cylinder reform to two big market stock price uniform influence. In profits from the domestic and foreign research scholars research results foundation, we from the stockholders rights mounted cylinder reform separately to the information not symmetry, the fluidity, the elasticity of demand and the speculative four aspects obtain, to A, the H two great Stock markets different stock price has the influence to carry on the quantification analysis, has explained the stockholders rights mounted cylinder reform with the data to our country Stock market development and the healthy development great significance and the influence. This article take the stockholders rights mounted cylinder reform as a threshold, respectively changes in April, 2001 - April, 2005 and the stockholders rights mounted cylinder reform completes in January, 2007 - after the stockholders rights mounted cylinder December, 2010 two time sections as the sample sector (to altogether have 96 months), before April, 2001 simultaneously went on the market in the AH two places 19 To be listed stock is the sample, established the econometrics model, used the kneading board data analysis the method to carry on the real diagnosis examination, the research stockholders rights mounted cylinder reform to the identical To be listed the profound influence which"the same stock different price"the phenomenon produced in the different going on the market place.Our findings indicated that compares before the share reform, after the share reform, absolute term (C) the influence coefficient reduced, - 12.85567 reduces before the share reform after the share reform - 4.340268, explained that the element of certainty the influence is reducing along with our country Stock markets standardized construction. Information symmetry factor (Size) the coefficient 0.77682 reduces before the share reform after the share reform 0.311077, explained that the information flowing and the information disclosed circulates the stock along with to be listed increase, is also reducing to the AH markets price margin influence. Along with stockholders rights mounted cylinder reform gradually thorough, the state shares and the corporate shares going on the market circulation one after another, was A market investor has provided the more abundant transaction product. Corresponds, A market elasticity of demand (Rdemand) value after the share reform obviously increases to two place price margins influence, - 0.747726 increases before the share reform after the share reform - 0.015097. The speculative factor is not big around the share reform change. In brief, information flowing, stock transaction fluidity and elasticity of demand after the share reform between great degree reduced AH two big stock market price margin.The innovation of this paper mainly reflects in: first, this paper first adopted a secondary structure of the empirical research method of indirect policy factors, with the quantitative analysis of the data of the stock market proved policy factors, the influence of national economic policy formulation for providing intelligence support. Second, the paper in two periods of before and after changing on panel analysis, a contrastive analysis, the method of reform of non-tradable shares the data, before quantitative equity division reform to the influence of stock price.