关键词: A, B股市场, 分割性, 协整理论

Abstract: This paper clarifies meanings of market segmentation from the perspective of long term equilibrium and short term information flow among different markets and then puts forward statistic method to test market segmentation. The results show that A-share markets and B-share markets are segmented before the opening China’s B-shares markets to the domestic individual investors but integrated after that on the level of markets. Although there is a price difference of the same company, two markets aren’t segmented from the view of long term equilibrium and short term information flow between them on the level of companies. So it is not necessary to integrate two markets by mandatory policies.

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Key words: A-share markets and B-share markets, Market segmentation, Cointegration analysis