But stock market segmentation has been severe due to systematical and institutional factors.
但由于体制和制度设计的原因，股票市场的分割现象十分严重。
The second part: Chapter 4 deals with the model of test for China stock market segmentation, and use the model to test market segmentation for A and H stock market.
第二部分：第4章介绍了中国证券市场分割一体化检验的模型，并利用该模型对我国A股和H股市场进行了实证检验。
This paper studies the issue of market segmentation of a shares and B shares in the Chinese stock market during the years of 1992-1997, and discusses the reasons for the deep discount of B shares.
本文针对中国股票市场1992 - 1997年度的A股和B股的市场分割问题进行研究，并讨论了B股大幅度折价的原因。
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