The Chinese Stock Market Volume I (eBook)

A Retrospect and Analysis from 2002

S. Cheng, Z. Li (Herausgeber)

eBook Download: PDF

2014 | 2015
XXI, 417 Seiten
Palgrave Macmillan UK (Verlag)
978-1-137-39110-0 (ISBN)

Infos

Both quantitative and qualitative analysis is used to review China's stock market in a book containing the latest research on China's IPO market, the 2006-07 market bubble, the development of institutional investors, the stock index futures market, stock sector performance, corporate governance of listed firms and China's growth enterprise market.

Dingmu Cao, University of Chinese Academy of Sciences, China Huiyan Dong, University of Chinese Academy of Sciences, China Ping Li, Beihang University, China Manhong Liu, Renmin University of China, China Wen Long, University of Chinese Academy of Sciences, China Tongyuan Shen, Tsinghua University, China Chen Su, Newcastle University Business School, UK Yuwei Sun, China Life AMC, China Jipei Wang, People's Bank of China, China Wenning Yang, University of Chinese Academy of Sciences, China Jing Yu, Hohai University, China Zheng Zheng, China AMC, China Zhou Zhou, University of Chinese Academy of Sciences, China

Inhalt

Cover 1
Half-Title 2
Title 4
Copyright 5
Contents 6
List of Figures 10
List of Tables 15
Preface 18
Notes on Contributors 21
1 Review of China’s Stock Market from 2002 to 2014 23
1.1 A brief review of the development of China’s stock market from 2002 to 2014 25
1.2 Major events in China’s stock market in the last decade 28
1.2.1 Development of securities margin trading 28
1.2.2 Bringing forth the stock index futures 32
1.2.3 The split-share structure reform 35
1.2.5 Development of institutional investors 40
1.2.6 Development of equity investment 48
1.2.7 Bringing forth the refinancing business 52
1.2.8 Emergence and fall of warrants 54
1.2.9 Investing China’s housing provident funds in the A-share market 57
References 60
2 Market-Oriented Reform of China’s IPO System and Information Disclosure Regulations 61
2.1 The journey of market-oriented reform of the IPO system 62
2.1.1 Evolution of China’s IPO regulatory system 62
2.1.2 Evolution of China’s IPO procedures 66
2.1.3 Evolution of China’s IPO pricing methods 71
2.1.4 Market and law-oriented reform of the IPO system 76
2.2 Empirical study: influence of market-oriented evolution of IPO system on pricing efficiency 79
2.2.1 Theoretical analyses 80
2.2.2 Data description and methodology 83
2.2.3 Case study and analyses of IPO underpricing 91
2.2.4 Case study and analyses of long-term returns for IPOs 96
2.2.5 Conclusions 105
2.3 Regulation of IPO information disclosure 106
2.3.1 Regulatory systems guiding information disclosure of listed companies in China 106
2.3.2 Problems of regulation of IPO information disclosure 112
2.3.3 Measures of enhancing regulation on information disclosure 118
Appendix: Sector distribution of the 1351 enterprises listed in China, 1992–2007 123
References 125
3 Institutional Investors in Chinese Stock Markets 128
3.1 Introduction 128
3.2 Overview of institutional investors of different types 129
3.2.1 Public offering of securities investment fund 130
3.2.2 Sunshine private funds 133
3.2.3 Qualified foreign institutional investors 138
3.2.4 Broker asset management businesses 142
3.2.5 Broker proprietary trading 147
3.2.6 Insurance company and insurance funds 153
3.2.7 Trust company 160
3.2.8 Pension fund 165
3.2.9 Finance companies 171
3.2.10 Enterprise annuities 174
3.2.11 Private equity 175
3.3 Structural analysis of institutional investors 181
3.3.1 A structural analysis of investors in the SSE 182
3.3.2 Shareholding conditions by institutional investors 187
3.4 Problems with institutional investors: analysis of model cases 190
3.4.1 Insider trading 191
3.4.2 Frequent financial irregularities the legal framework needs continual improvement
3.4.3 The construction of an information disclosure system needs to be enforced 197
3.4.4 Product quality is different and scales are differentiated 199
3.4.5 New hidden risks in innovations of finance 200
3.5 The development tendency of institutional investors in China 202
3.5.1 Integration of institutional investors 203
3.5.2 The Matthew Effect and the development of institutional investors 204
3.5.3 The professionalization of institutional investors 204
3.5.4 Marketization of institutional investors 205
References 207
4 Characteristics of Different Styles and Sectors in China’s Stock Market 209
4.1 Characteristics of different styles in China’s stock market 209
4.1.1 Overall performance of the stock market from the perspective of style indices 210
4.1.2 Characteristics of investors’ behavior from the perspective of style indices 214
4.1 Brief summary 226
4.2 Characteristics of different sectors in China’s stock market 228
4.2.1 Overall distribution of different sectors 230
4.2.2 Research on the development status of representative sectors 233
4.3 Construction and operation of sector indices 316
4.3.1 Constituents selection 316
4.3.2 Indices calculation 317
4.3.3 Examples for sector indices 320
Summary 332
References 334
5 Development and Problems of Stock Index Futures and Margin Trading and Short Selling in China 335
5.1 Development and problems of the CSI 300 stock index futures 335
5.1.1 Background and performance of the CSI 300 stock index futures 335
5.1.2 Functions of the CSI 300 stock index futures market 341
5.1.3 Main problems in the CSI 300 stock index futures market: Balance between improving efficiency and preventing risks 358
5.1.4 Outlook 367
5.2 Development and problems of margin trading and short selling in China 368
5.2.1 Brief introduction to and institutional arrangements for margin trading and short selling 369
5.2.2 Status quo and problems of China’s margin trading and short selling business 377
5.2.3 Outlook 385
5.3 Relationship between stock index futures and margin trading and short selling 386
5.3.1 Differences in short mechanisms between stock index futures and margin trading and short selling 387
5.3.2 Connections between stock index futures and margin trading and short selling 387
References 388
6 Development, Problems and Suggestions for China’s GEM 390
6.1 Development of China’s GEM 390
6.1.1 Overview of the GEMs 391
6.1.2 Features of China’s GEM 393
6.1.3 GEM, the main board market, and the SME board market 396
6.1.4 GEM and venture capital 397
6.1.5 Review of the GEM’s decade of development 399
6.1.6 The influence of the creation of China’s GEM 402
6.1.7 Experiences in the creation of China’s GEM 405
6.2 Comparative analysis of international GEMs 406
6.2.1 Development of international GEMs 407
6.2.2 Establishment and operations model of international GEMs 409
6.2.3 Comparison of the operations mechanism of Chinese and foreign GEMs 410
6.2.4 Experiences from the NASDAQ for China’s GEM 414
6.3 Status quo of the operation of China’s GEM 415
6.3.1 Three years’ operation of China’s GEM since its launch 415
6.3.2 Achievements made since the launch of China’s GEM 420
6.3.3 Prospects for China’s GEM 423
6.4 Deficiencies in China’s GEM and policy suggestions 424
6.4.1 Deficiencies in China’s GEM 424
6.4.2 Notable problems in the development of China’s GEM 426
6.4.3 Suggestions 429
Appendix: Mr. Cheng Siwei and China’s GEM 433
References 434
Index 436

Produkt-Details

• Erscheint lt. Verlag: 15.12.2014
• Zusatzinfo: XXI, 417 p.
• Verlagsort: London
• Sprache: englisch
• Themenwelt: Naturwissenschaften
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Schlagworte: China • Futures • growth • Investments and Securities
• ISBN-10: 1-137-39110-3 / 1137391103
• ISBN-13: 978-1-137-39110-0 / 9781137391100