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中国证券市场作为我国经济体制改革探索时期建立并迅速成长的新兴产物 ,以其特有的复杂股权结构、市场结构和投资者结构 ,形成了A、B、H股等多个子市场并存的市场分割体制。本文借鉴现代证券市场分割的基本理论 ,从特点和研究价值的角度分析了中国证券市场分割的现状 ,提出了消除中国证券市场分割的对策建议。从当前的发展现状考虑 ,阶段性的解决措施主要是 :( 1)通过直接套利消除 ;( 2 )通过间接套利消除。从长远看 ,解决中国证券市场分割的最终出路是在中国证券市场一体化和国际化进程中 ,最终实现A、B、H股市场的完善整合与合并。
As an emerging product of rapid economic growth in China, China’s securities market formed a market segmentation system with multiple sub-markets such as A, B and H shares with its unique complicated ownership structure, market structure and investor structure . This paper draws lessons from the basic theory of modern securities market segmentation, analyzes the current situation of China’s securities market segmentation from the perspective of characteristics and research value, and puts forward countermeasures and suggestions to eliminate the segmentation of China’s securities market. From the current development status, the phased solution is mainly: (1) elimination through direct arbitrage; (2) elimination through indirect arbitrage. In the long run, the ultimate solution to the segmentation of China’s securities market is to eventually achieve the perfect integration and consolidation of the A, B and H share markets in the process of the integration and internationalization of China’s securities market.