外文题目：ForeignOwnershipRestrictionsAndMarketSegmentationInChina’sStockMarkets出处：JournalOfFinancialResearch作者：Chen.G.M,Lee.Bong-Soo,Rui.Oliver原文：AbstractWestudymarketsegmentationinChina'sstockmarkets,inwhichlocalfirmsissuetwoclassesofshares:classAsharesavailableonlytoChinesecitizensandclassBsharesavailableonlytoforeigncitizens.SignificantstockpricediscountsaredocumentedforclassBshares.WefindthatthepricedifferenceisprimarilyduetoilliquidB-sharemarkets.RelativelyilliquidB-sharestockshaveahigherexpectedreturnandarepricedlowertocompensateinvestorsforincreasedtradingcosts.However,betweenthetwoclassesofshares,B-sharepricestendtomovemorecloselywithmarketfundamentalsthandoA-shareprices.Therefore,wefindA-sharepremiumsratherthanB-sharediscountsinChina'smarkets.I.IntroductionWeexaminetheeffectofforeigners'ownershiprestrictionsonequitypricesinChina.Recently,thefinanceliteraturedocumentsthat,withforeignownershiprestrictions,aclassofsharesopentoforeignerstendstocommandhigherpricesthanthoseopentodomesticinvestors(e.g.,StulzandWasserfallen(1995),Domowitz,Glen,andMadhavan(1997)).AnexceptionisstocksinChina,whichhavereceivedrelativelylittleattentionuntilrecently.Hietala(1989)reportsasubstantialpremiumfortheforeignsharepricefortheFinnishstockmarketfor1984-85.Hederivesequilibriumreturnswhendomesticinvestorsareallowedtoholdonlydomesticstocks(restrictedFinnishandunrestrictedFinnishstocks)andforeigninvestorsareallowedtoholdallstocks(foreignstocksandunrestrictedFinnishstocks).Heshowsthatinthismarketsettingdomesticinvestorsmaypaylessthanforeigninvestorsfordomesticstocks.BaileyandJagtiani(1994)studytheeffectsofcapitalcontrolsusingdatafromThailand,whichsegmentlocalandforeigntradingofsecuritiesthathavereachedforeignownershiplimits.Theyfindthatanaveragepremiumof19percentexistsontheAlienBoardofthestockexchangeofThailandandthatcross-sectionaldifferencesbetweenlocalandforeignpricesarecorrelatedwithproxiesfortheseverityofforeignownershiplimits,liquidity,andinformationavailability.StulzandWasserfallen(1995)findforeigninvestorspayhigherpricesforsharesthandomesticinvestorsdoforasampleofnineteenfirmslistedinSwitzerland.Domowitz,Glen,andMadhavan(1997)documentsignificantstockpricepremiumsforBseriessharesinMexico,whicharenotrestrictedtoaparticularinvestorgroup,andexaminetherelationbetweenstockpricesandmarketsegmentationinducedbyownershiprestrictions.SincetheestablishmentoftheShanghaiStockExchange(SHSE)onDecember19,1990,andtheShenzhenStockExchange(SZSE)onJuly3,1991,China'sstockmarketshaveexpandedrapidly.Somefirmsissuetwotypesofshares.ClassAshares,whicharedenominatedinRMB,aretradedamongChinesecitizens,andclassBsharesaretradedamongnon-ChinesecitizensoroverseasChinese.Otherthan---本文来源于网络，仅供参考，勿照抄，如有侵权请联系删除---segmentationbyownership,thesetwoclassesofsharesaresimilar;inparticular,ownershaveequalrightstocashflowsandvotingprivileges.Unlikeothercountries,thereexistsalargepricediscountforBshares(foreignshares)relativetotheAshares(domesticshares).Bailey(1994)analyzeseightChineseB-sharestocksfromMarch1992throughMarch1993.HefindsasignificantdiscountinB-sharepricesrelativetoA-sharepricesoftheseeightstocks.Inoursampleofsixty-eightfirmsissuingbothA-shareandB-sharestocks,theaverageB-sharediscountontheSHSEisabout66.2percentandthatontheSZSEisabout52.4percentfrom1992to...