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自1992年B股作为我国A股证券市场向海外延伸的一种人民币特种股推出以来,其市场发展可谓坎坷多阻。首先是正当B股成为海外金融机构关注的热点时,国家紧随B股又推出了H股,使得本跃跃欲试的海外投资者(尤其是港澳投资者)立马转舵,挥师近土。1993年下旬B股再度上扬,恰逢中央政府实行经济紧缩政策,A股与B股双双落马,境外投资者更对B股持悲观态度。1996年上旬A股市场捷报频传,B股也有所启动,偏巧去年东南亚金融危机爆发,B股自身劣性凸显,再次沉入海底,A、B股落差竟达6-14倍,其中18家跌破面值,引起各方人士的恐慌与关注。人们不仅担忧B股市态会拖累A股市场的健康运作,影响我国国际化开放型证券市场的良性互动,也对B股的发展提出了种种改革建议。针对以上情况,本文将对A、B股之间关系进行测评,并提出B股的发展看法。
Since the introduction of B shares as a kind of special currency of RMB that is extended overseas by the A-share securities market in 1992, its market development has been quite bumpy. First, just as the B shares became a hot spot for overseas financial institutions, the country launched the H shares immediately following the B shares. As a result, the eager overseas investors (especially Hong Kong and Macau investors) immediately turned their helm to work near the earth. In late 1993, B shares rose again, coinciding with the austerity policy of the central government. Both A-share and B-share stocks plunged. Overseas investors also held a pessimistic view on B shares. In the early A share market in early 1996, the success of the A-share market was also reported. However, the B-shares also started sometime. In spite of the financial crisis in Southeast Asia that broke out last year, the B-share itself became inferior once again sinking into the sea. The A and B shares dropped 6-14 times, of which 18 fell below Face value, causing panic and concern of all parties. People not only worried about the B stock market will be a drag on the healthy operation of the A-share market, affecting China’s international open-end securities market, positive interaction, but also on the B shares of the development of a variety of proposals put forward. In view of the above situation, this article will evaluate the relationship between A and B shares, and put forward the development view of B shares.