| With the development of economic globalization, more and more enterprises engaged in financing through the international capital market in order to develop themselves, thus the phenomenon of one company listed in different regions appeared. According to the economic theory of one stock corresponding to one price, for the same company listed in different regions, its stock price after adjustment shall be the same. However, the research of domestic and foreign scholars found that in different stock markets will appear the phenomenon of "one stock with different price", scholars tried to explain the phenomenon from the perspective of market segmentation through a lot of theoretical analysis and empirical research.To explore the implementation of the Shanghai-Hong Kong Stock Connect Program will affect the disparity of Chinese A-share and H-share, this paper firstly study Market Segmentation theory and the Cross-listed companies with shares in different valence theory, then expound the background and the content of the implementation of the Shanghai-Hong Kong Stock Connect Program. And on this basis, we take the case of Anhui Conch Cement Listed Company through theoretical analysis and event study, so as to explore the impact mechanism of the Shanghai-Hong Kong Stock Connect Program on the disparity of Chinese A-share and H-share of Anhui Conch Cement Listed Company and the stock reaction during the period. Then, the paper tried to find out whether the Shanghai-Hong Kong Stock Connect Program will reduce the disparity of Chinese A-share and H-share through the regression analysis of the relevant data of 30 sample companies.The results of case study and empirical analysis showed that the Shanghai-Hong Kong Stock Connect Program is beneficial to the decrease of the segmentation degree in A-share and H-share stock market, and has certain influence on the disparity of Chinese A-share and H-share. Finally, this paper puts forward relevant policy suggestions based on the conclusion. |
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