This paper makes a pragmatic study on discount rate of H shares relating to A shares, taking 29 dual-listing companies in A and H shares markets as samples by means of the Econometrics. The results of research show: the main factors of discount of H shares are the difference of liquidity and information between A and H share market. Also, it is very important that the reform of non-tradable shares affected the discount rate of H shares related to A shares. Additionally, the effect of reform of non-tradable shares is studied by this paper first, which means an innovation on this issue. |