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The premium between Shanghai and HongKong stock price had been existing in dual listed companies for a long time. This paper is based on the policy of Shanghai-Hong Kong Stock Connect program which began on November 27, 2014, and made an empirical research on the premium rate. We selected 63 stocks related to the program, collected daily data from January 4, 2012 to December 30, 2015, including 940 days. With the liquidity differences, risk preference differences and influence of information asymmetry serve as explanatory variables, the exchange rate of HongKong dollar serve as control variables, the program serve as virtual variables, we built regression model. Regression results show that the liquidity difference, risk preference difference, the difference of information asymmetry, and the exchange rate can significantly impact on the premium rate. Among them, the risk preference difference shows a negative correlation, the rest shows the opposite correlation.

Related Factors Research on Stock Price Premium of A Shares and H Shares Dual-Listed Companies