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在中国经济日益融入全球市场的背景下,我国资本市场的国际化进程也在逐步加快,不论是从境外投资者的角度出发,还是从境内投资者在参考全球资本市场定价水平后的角度出发,中国上市公司的定价标准将最终以全球成熟市场行业龙头公司或代表性公司的平均定价水平作为参考,而A股、B股和H股市场作为我国证券市场的三个子市场,可以说是跨越了从相对封闭到全开放的三种类型,探究目前这三个市场的内在联系,对于当前的投资决策以及判定A股市场未来的发展趋势都具有重要意义。
With the Chinese economy increasingly integrated into the global market, the process of internationalization of China’s capital market is gradually accelerating. Whether from the perspective of overseas investors or from the perspective of domestic investors after referring to the pricing levels of global capital markets, The pricing standards of Chinese listed companies will eventually take the average pricing of the leading companies or representative companies in the mature markets of the world as a reference, while the A, B and H-share markets as the three sub-markets of China’s securities market can be said to have crossed From the three types of relatively closed to fully open, to explore the intrinsic relationship between the three markets at present, for the current investment decisions and determine the future development trend of the A-share market are of great significance.