The H-A Price Discount and Its Determinants
基于59家中国跨境上市公司数据，发现合格境外机构投资者（QFII）和合格境内机构投资者（QDII）的投资增加显著缩小了H股与A股的价格差异，表明逐步放松资本管制对两类股票估值有重要影响。
Using a newly constructed data set that covers 59 cross-listed Chinese companies,we find that the H-A price differentials are significantly reduced by the increasing investments under the Qualified Foreign Institutional Investors(QFⅡ) and the Qualified Domestic Institutional Investors(QDⅡ) schemes after controlling for the expected exchange rate change,investor sentiment and other variables.The evidence suggests that the gradual lift of China's capital controls exert crucial impacts on the valuation of these two classes of shares.