discount on share 中文意思是什麼
discount on share
解釋
股票折價-
In segmented capital markets, the law of one price doesn ’ t work. it is found that the foreign class shares typically sell at a premium in relative to the domestic class shares that can only be owned by the domestic investors in most emerging markets, but china is an exception, the chinese foreign class b - shares are traded at a discount relative to the domestic class a - shares. based on lots of relevant previous research, the thesis theoretically and empirically analyses the price difference between a and b share, trying to find out the influence factors of the price difference between a and b share
在存在中度和高度市場分割的國家，由於投資者無法通過市場間的套利行為來消除不同市場的證券價格差異，如果一家公司的股票在割裂的兩個市場同時上市，其價格並不滿足「一價定律」 :供國外投資者交易的「外資股」相對于供國內投資者交易的普通股票的價格肯定會出現溢價或折價，此即所謂的「市場分割下的外資股折溢價問題」 。 -
Secondly, it is analyzed that tradable shareholders will suffer a great loss resulting from non - tradable shareholders ’ selling for profit encashment when they haven ’ t paid enough consideration price in the share structure reform, based on the fact that transfer prices of non - tradable shares are much lower than that of tradable shares, and comparison between the discount ratio of transfer price of non - tradable share to tradable share and the lower ratio converted from consideration price paid in the share structure reform, by the conception of share price overflow between different transferring system in china
隨后本文援引華生關於我國股票市場流通股所存在的「流通性溢價」概念，通過非流通股轉讓價格遠低於流通股股價的事實，以及非流通股對流通股股價的折價率與股權分置改革方案給流通股股東帶來的折算的股價降低率之間的比對，說明了在股權分置改革對價水平不夠的情況下，非流通股股東為了兌現盈利而大量拋售股份和流通股股東因此蒙受虧損的狀況。 -
We find that the phenomenon can be explained by basic economic principles and the proxies for information asymmetry account for a significant portion of the b share and h share discounts. prior to 1998, the information asymmetry focuses on the disclosure quality and transmission efficiency ; after 1998, the effect focuses on the different reflection to the same information among different investor groups. in addition, the greater difference of demand elasticity between domestic investors and foreign investors make large contribution to deepen b share and h share discount degree in recent years
在接下來的第五章中，我們對1994年1月至2000年12月中國所有的ab股和ah股的歷史數據進行實證檢驗，發現造成中國外資股價格普遍低於普通股票價格的形成原因是多方面的，其中信息不對稱是最重要的原因，在1998年前主要是信息質量和傳遞速度的差異造成的， 1998年後信息不對稱的影響以對信息的理解差異為主。
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