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H股市场的持续低迷 ,既影响了其融资功能 ,也影响了我国境外上市企业的市场形象和我国资本市场的国际化进程 ,采取适当的手段在较短的时间内恢复H股市场活力具有重要的现实意义。本文对CDR、QDII和H股企业增发A股三种短期恢复H股市场活力的方法进行比较后发现 ,增发A股方法政策实施成本最低 ,QDII政策实施成本次之 ,CDR政策实施成本最高。从短期激活H股市场效果看 ,QDII效果最明显 ,其次是CDR ,最后是增发A股。因此 ,就恢复H股市场活力而言 ,QDII最为适合 ,比较了三种恢复H股市场活力的方法 ,分析了对内地居民开放后 (如推出QDII制度 )H股的可能变化趋势。
The continuous downturn in the H-share market not only affected its financing function but also affected the market image of China’s overseas listed companies and the internationalization of China’s capital market. It is important to take appropriate measures to restore the vitality of the H-share market in a relatively short period of time The practical significance. After comparing the three ways of CDRH, QDII and H-share issuance of A-share issuance to revitalize the H-share market, we find that the issuance of A shares is the lowest, the implementation cost of QDII is second, and the implementation cost of CDR is the highest. From the short-term activation of the H-share market effect, QDII most obvious effect, followed by CDR, and finally the issuance of A shares. Therefore, QDII is most suitable for restoring the vitality of the H share market. Three methods for restoring the vitality of the H share market are compared and the possible trend of changes in the H shares after the mainland residents are opened up (such as the introduction of the QDII system) is analyzed.