我国证券市场成立时间较晚,加之实施严格的资本管制和市场分割,导致我国外资股出现了折价这一独有的现象。近年来,A股和H股双重上市已成为大型国企实现境内外同步融资的首选。在此背景下,对两市场股价差异进行研究,分析其价差影响因素具有重要的现实意义。 The relatively late establishment of the securities market in our country combined with the strict capital controls and market segmentation led to the unique phenomenon of discounts on foreign capital stocks in our country. In recent years, the dual listing of A-shares and H-shares has become the first choice for large state-owned enterprises to realize domestic and foreign simultaneous financing. Under this background, it is of great practical significance to study the difference between stock prices in the two markets and analyze the factors that affect the spread.