Research On The Factors Of AH Premium Problem

With the globalization and integration of capital flows,more and more companies in the country choose to list on different stock exchanges,so as to obtain more favorable capital and core competitiveness in international competition.However,due to the complexity of the environment,the decentralization of investment subjects and the diversity of investment background and ideas,the same company’s stock has different valuation in different markets.Therefore,this phenomenon of dual stock price spread has become one of the important problems in contemporary international financial and asset pricing theory.Most countries in the world is the phenomenon of stock market segmentation,mainly in the overseas share price compared to the territory of higher prices.In China,not only A-shares higher than the B-share price,A-shares and H-shares between the premium phenomenon is more prominent.From the domestic and foreign research theory,there are significant factors such as liquidity difference,risk preference difference,demand elasticity difference and information asymmetry difference,and the exchange rate system,investor structure and so on.In this paper,we summarize the relevant literature of AH premium problem and compare the trend of AH share premium index.It is found that the existing theory has some limitations on the explanation of AH premium and lacks research from shell resource system rent,and therefore we put forward from the shell resource value of the institutional factors on the impact of AH premium rate of research topics to explain the AH price problem.The basic structure of this paper is as follows:Firstly,the status quo,characteristics and influencing factors of AH shares are analyzed from the existing research perspective.The definition and manifestation of shell resources are analyzed.By comparing the trend of shell resources and AH premium rate and data correlation This paper puts forward the hypothesis that the shell resource has a positive effect on the AH premium problem.Secondly,based on the research status of shell resources and AH premium,this paper establishes an empirical model that includes the variables such as shell resource value,AH premium rate and four hypotheses.From January 2014 to May 2017,41 months,the data of 46 dual listed companies were analyzed by panel model regression,and the internal linkage mechanism and the direction of action between shell resource value and AH premium were explored.Finally,the conclusion of this paper is as follows:(1)Under the policy environment of China’s existing listing qualification system,the value of shell resources has a long-term system support,which has a positive explanatory effect on AH premium rate.The increase in the value of resources can expand the spread of AH shares.(2)The effect of shell resource value on AH premium rate is limited by the size of the company.The larger the company is,the larger the total market value,the lower the proportion of shell resource value,the weaker the effect of AH premium rate;The larger the total market value,the higher the proportion of shell resources,the higher the effect of AH premiurm rate.(3)The difference of demand difference hypothesis,liquidity difference hypothesis and information asymmetry hypothesis are significant to AH premium,and are not affected by firm size.However,the influence of risk preference hypothesis on AH premium is not significant,On the AH premium has a reverse role.On the basis of this,this paper puts forward the following countermeasures and suggestions:relax the government control,promote the approval system to the registration system reform;improve the investor structure,strengthen the investor risk awareness education;improve the financial product research and development ability,increase the market breadth;Information disclosure,to create a real freedom of information disclosure environment.The innovation of this paper lies in the innovative research on the formation of AH stock price from the perspective of shell resources,which enriches the existing research theory on AH premium problem.Secondly,the existing literature on AH stock price difference is based on the previous Several years of market trends and policies carried out,since 2015,AH shares premium index has experienced a substantial increase and fall,and the corresponding literature is the lack of corresponding updates,so this article combined with the recent development of AH shares premium Analysis,to a certain extent,to update the existing literature on the AH stock price difference between the description and forecast.