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本文从双重挂牌公司的A、B股价格差异和A、B股收益率差异角度,分析B股向境内投资者开放对A、B股市场一体化进程的作用程度。在此基础上探讨了A、B股市场一体化进程的经验和存在的问题,并试图提出一套解决中国非流通股与流通股市场分割问题的渐进式改革方案。
This paper analyzes the effect of the B shares opening up to the domestic investors on the integration process of the A and B shares market from the perspective of the difference between the price of A and B shares and the yield of A and B shares of the dual listed companies. On this basis, this paper discusses the experience and existing problems in the process of A and B shares market integration and attempts to propose a gradual reform plan to solve the problem of market segmentation of non-tradable shares and tradable shares in China.