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《中国会计学会2005年学术年会论文集(下)》 2005年
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Shareholding Structure and Pricing of A-shares—Empirical Evidence from Dually Listed A and H-shares

Veicheng Yu  Mou-Fung Chan  
【摘要】:正From the perspective of shareholding structure,this paper studies the pricing mechanism of A-shares for the firms which dually list A and H-shares.We propose shareholding structure of circulation and non-circulation shares contribute to valuation of A-shares.We find that(i) the higher the proportion of H-shares in circulation shares,the higher the valuation of corresponding A-shares will be,(ii) the higher the proportion of non-state legal shares in non-circulation shares,the lower the valuation of corresponding A-shares will be,and(iii) the more the A-shareholder accounts are,the more dependent the pricing of A-shares will be upon corresponding pricing of H-shares.

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