本报讯 继上周三B股暴跌后，B股指数昨日再次遭遇断崖式下跌，盘中跌幅一度超过7%，截至收盘，该指数暴跌5.64%，报205点。这一跌再次拖累到“弱不禁风”的A股，上证综指昨日跌18点，超过30只个股趴在跌停板上。

Report from our correspondent following the last Wednesday B shares after the crash，B shares index yesterday encounters the cliffs type down，Pan once more than 7% drop，By the closing，The index plunged 5.64%，Reported at 205。The tumble down again“fragile”A shares，The Shanghai composite index fell yesterday 18 points，More than 30 only on individual stocks drop stop。

A股屡被“吓跌” A shares were repeatedly“Frighten to fall”

　　有统计数据显示，B股一直与A股指数有着较高的相关性，对近一年的交易数据进行统计分析可以发现，沪深300指数与上证B股指数的相关系数高达0.95，与深证B股指数的相关系数也达0.68。记者关注到，上证B股指数与上证综指，深圳B股与深圳成指在拟合之后，直观上都存在着高度相关性。

A statistical data shows，B shares have been to A share index with A high correlation，For almost a year the transaction data of statistical analysis can be found，Csi 300 index and the Shanghai B shares index correlation coefficient of 0.95，And ShenZheng B shares index of the correlation coefficient of 0.68。The reporter of attention to，The Shanghai B shares index and the Shanghai composite index，Shenzhen B shares and shenzhen ChengZhi in after fitting，Intuitive is presence with high correlation。

　　《大众证券报》将2011年以来，B股单日较大跌幅与A股进行对比发现，去年4月27日，上证B指大跌5.33%，上证指数尾盘跳水一度跌逾1%并在次日再度下跌1.31%；去年6月9日，上证B指重挫7.9%创出去年单日最大跌幅，上证综指下跌1.71%；8月8日，上证B指暴跌6.12%，上证指数重挫3.79%并创出去年单日最大跌幅；11月30日，B股再次下跌6.13%，而上证综指暴跌3.27%。

《Public stock certificate report》Since the year 2011，B shares fall and A shares its larger compared found，Last April 27,，The Shanghai B refers to drop 5.33%，The Shanghai index end dish diving once fell more than 1% in the next day and again fall 1.31%；Last June 9,，The Shanghai B refers to heavy defeat makes biggest one-day fall 7.9% last year，The Shanghai composite index dropped by 1.71%；August 8,，The Shanghai B refers to plunged 6.12%，The Shanghai index tumbled 3.79% and heavy makes biggest one-day fall last year；November 30,，B shares fell 6.13% again，While the Shanghai composite index tumbled 3.27%。

　　同样在今年的1月5日，B股与A股再次分别下跌6.13%与0.97%；3月14日B股指数暴跌2.87%，上证综指下跌2.63%；到了3月28日，B股当日下跌2.69%，大盘当日重挫2.65%。而自上周以来，原本岌岌可危的A股再次因B股的突然重挫而大幅下跌。

Also in this year's January 5，B shares and A shares fell 6.13% and 0.97% respectively again；March 14, B shares index plunged 2.87%，The Shanghai composite index dropped by 2.63%；On March 28,，B shares fell 2.69% on that day，On the day of the grail clobbering 2.65%。And since last month，Originally the onslaught of A shares for B shares again the sudden heavy defeat and down significantly。

　　“B股与A股走势自然有相关性关系，在基本走势上趋于一致。”首创证券研发部副总经理王剑辉表示，其实很好理解，不少上市公司同时在A股与B股挂牌交易，同一家公司基本面发生的任何变化，两个市场中的投资者对其反应的最终结果是一致的。

“B shares and a-shares have natural correlation relationship，In the basic action to the agreement。”The research and development of securities of vise general manager WangJianHui said，Actually very good understanding，Many listed companies at the same time in the A shares and B shares listed for trading，The same company fundamentals of any changes occur，Two of the market investor of the reaction of the end result is the same。

　　据Wind统计显示，全部B股最新总市值仅为6988亿元，而A股总市值达21万亿；今年以来B股总计成交金额为547亿元，不到A股成交总额的0.01%。有业内人士分析，“无论是总市值还是每日成交量，B股相对于A股都非常渺小的，做空B股显得比较容易，不排除有做空力量利用B股与A股的共振效应间接砸盘A股，当B股指数大跌之时，A股心理层面基本被击溃。”

According to Wind statistics show，All the latest B shares of total market value is 698.8 billion yuan only，And A share of total market value of 21 trillion；Since this year total B shares clinch a deal amount of $54.7 billion，Less than 0.01% of the total amount of A share to clinch A deal。The personage inside course of analysis，“Whether total market value or daily trade volume，B shares relative to A shares are very small，Do B shares appear more easy to empty，Don't rule out do empty forces used B shares to A share of resonance effect indirectly hit dish A shares，When B shares index plunge，A shares the psychological level basic be overrun。”

　制度改革箭在弦 System reform in the string arrows

　　就B股的现状而言，存在的问题主要集中在三方面：一、A/B股超过50%的估值折价溢价率；二、B股流动性较不活跃；三、B股再融资功能的缺失。目前，B股仍有约252万户的B股股民。

The present situation of the B shares in it，The problems mainly in three aspects：a、A/B shares more than 50% of the discount rate of premium valuations；two、B shares liquidity less active；three、B shares to the lack of financing function。At present，B shares still has some 2.52 million B shares investors。

　　历次B股大跌多数与国际板推出传闻相关，但这次则与闽灿坤B面临退市风险有关——如果连续20个交易日每日股票收盘价均低于每股面值的，其股票将直接终止上市。B股指数如此跌幅，不是由于企业业绩不佳，不是由于宏观政策，分析师连叹“罕见”。

All previous B shares plunged with international board that most launch related，But this time, and fujian tsann kuen B faced retreat city risk for 20 consecutive trading day-if a daily closing price are all lower than par value per share，Its shares will be terminated listed directly。B shares index so fall，Not because of enterprise performance not beautiful，Not because of macroeconomic policy，Analysts even sigh“rare”。

　　开源证券首席分析师田渭东称，“B股下跌这个问题挺大的，主要在于制度建设想抑制投机却没有考虑B股市场，其是按照国外的惯例制定的，而B股交易不活跃又是一个制度设计的问题，这对B股投资者非常不公平，毕竟市场中仍有大量的投资者。给B股投资者一个办法，修订制度层面是当务之急。”

Open source securities chief analysts TianWeiDong says，“B shares fell this a: it's a big problem，Mainly lies in the construction of system want to restrain speculation but have not consider B shares market，It is the practice of formulated according to the foreign countries，And B shares trading is not active is a system design problem，The B shares investors are not fair，After all, the market still have a lot of investors。B shares to investors a way，Revised system level is a priority。”

　　王剑辉进一步表示，B股是当前市场需要解决的问题，从中小股东来看，多数是大量的境内投资者，在B股丧失融资功能之后，很多境外投资者就纷纷撤回；上市公司可以回购A股，另外也可以进行重组，变成一个离岸公司，待到国际板上来时一同挂靠国际板。

WangJianHui further said，B shares is the current market problems need to be solved，From the medium and small shareholders and see，Most is a large number of investors，In B shares lost after financing function，Many foreign investors have withdrawn；A listed company may buy A share，Another idea is to restructure，Become a of offshore companies，Stay up to international board when affiliated with the international board。

　　田渭东则分析，目前来看，在制度没有修订之前，市场恐慌情绪还是很大。在消息不明朗的情况下，估计还会恐慌一两天。再往后，基本面确实好、跌幅过大的则具备了长期投资价值；业绩亏损的公司短期还会恐慌性连续下跌，而政策性修订后又会出现过山车式的暴涨。“未来制度会给B股投资者一个出路，国际板在时间上还不成熟，可能是跟A股合并。”记者 徐海峰王金萍

TianWeiDong analysis is，So far，In the system does not have revised before，Market panic is very big still。In the message is not clear，Estimates will panic for a day or two。back，Fundamentals is really good、The falls too, have long-term investment value；Performance of short-term losses will panic continuous drop，And revised policy appeared again of a rollercoaster ride boom。“The future system will give B shares investors a way out，International board in time is not mature，With A shares may be combined。”Reporter xu haifeng got WangJinPing