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Author: Weishi Jia Publisher: ISBN: Category : Languages : en Pages : 42
Book Description
There is a long line of Chinese firms waiting for government approval to list on mainland Chinese or international stock exchanges. There are also hundreds of Chinese firms that have not received government listing approval, but have reorganized themselves as overseas corporations, followed by listing on the Hong Kong Stock Exchange. These overseas corporations with mainland Chinese operations and Hong Kong listings are called "Red-chips" if they are state-owned entities (SOEs) and "P-chips" if they are not SOEs. We use a comprehensive sample of Chinese firms listed in mainland China and in Hong Kong to test whether Red-chips and P-chips are (a) more likely to be firms the Chinese government does not want on mainland exchanges (because they are neither the largest and most profitable Chinese firms nor the most politically connected), or (b) likely to be firms that eschew Chinese exchanges in favor of the Hong Kong capital market (because of the immediacy of the approval process in Hong Kong or for more efficient pricing in a better-behaved market). We find that more politically connected SOEs are listed on Chinese stock exchanges, and that larger and more profitable non-SOEs are listed in Hong Kong as P-chips, for the overwhelming majority of which we can find no evidence that they ever applied for government approval to IPO. We conclude that the largest and most profitable Chinese firms that are unconstrained by their relationships with central and provincial government prefer to be listed in the Hong Kong capital market.
Author: Weishi Jia Publisher: ISBN: Category : Languages : en Pages : 42
Book Description
There is a long line of Chinese firms waiting for government approval to list on mainland Chinese or international stock exchanges. There are also hundreds of Chinese firms that have not received government listing approval, but have reorganized themselves as overseas corporations, followed by listing on the Hong Kong Stock Exchange. These overseas corporations with mainland Chinese operations and Hong Kong listings are called "Red-chips" if they are state-owned entities (SOEs) and "P-chips" if they are not SOEs. We use a comprehensive sample of Chinese firms listed in mainland China and in Hong Kong to test whether Red-chips and P-chips are (a) more likely to be firms the Chinese government does not want on mainland exchanges (because they are neither the largest and most profitable Chinese firms nor the most politically connected), or (b) likely to be firms that eschew Chinese exchanges in favor of the Hong Kong capital market (because of the immediacy of the approval process in Hong Kong or for more efficient pricing in a better-behaved market). We find that more politically connected SOEs are listed on Chinese stock exchanges, and that larger and more profitable non-SOEs are listed in Hong Kong as P-chips, for the overwhelming majority of which we can find no evidence that they ever applied for government approval to IPO. We conclude that the largest and most profitable Chinese firms that are unconstrained by their relationships with central and provincial government prefer to be listed in the Hong Kong capital market.
Author: Erjie Cao Publisher: ISBN: 9781623200046 Category : Capital market Languages : en Pages : 0
Book Description
How will China's latest series of reforms affect the country's growing Capital Market?The Capital Market in China: A 60-Year Review, in 3 volumes, serves as the definitive resource on understanding and navigating China's capital market. Both a history and a guide, the 3 volumes of this set explain the methods of state investment and intervention in China, the development of asset-backed securities, and the substantial differences and striking similarities between the capital markets in China and the West.Cao Erjie, banking industry expert and former Investment Investigator at China Construction Bank, shares inside information and firsthand insights on the creation and evolution of the capital market in China.The Capital Market in China: A 60-Year Review offers a frank assessment of the state of the industry and:Explains the methods of asset depreciation and fixed-asset upgrading in ChinaExamines corporate mergers and acquisitions in ChinaReveals the progression of China's venture capital fundsIllustrates equity and bond financing in ChinaDetails shareholding reform and enterprise asset restructuring in ChinaProvides real examples of how the capital market works in China
Author: Yong Zhen Publisher: Elsevier ISBN: 1780633602 Category : Business & Economics Languages : en Pages : 293
Book Description
Capital markets in China include stock, bond, futures and other derivatives, as well as the private equity market. China’s Capital Markets is the first book to systematically study China’s capital markets, examining its evolution, policies, reforms, current situation and challenges. Following an introduction to China’s capital markets and economic growth, the book moves on to cover further capital markets in China, including: the banking system, mergers and acquisitions, and valuation adjustment mechanisms, before concluding with a discussion of the opening up and internationalization of China’s capital markets. Provides an overall picture of China's capital markets including: policy analysis; case studies; investor strategies and behaviours; and suggestions for success in the markets Offers diverse perspectives, using rich data and analysis This is the first book to systematically study China’s capital markets
Author: Jiye Hu Publisher: ISBN: Category : Languages : en Pages : 29
Book Description
Could institutional investors contribute to the stability of capital markets? The recent 2007- 2008 American subprime mortgage crisis and the 2009 European sovereign debt crisis provided a good example. Although the impact of the two financial crises is still felt across their respective geographies, European debt crisis countries, especially Greek economy, continue to lag behind; at the same time the US stock market recovered rather quickly from the subprime mortgage crisis. What explains the different performances in these countries? There is a large number of academic explanations; this paper explores the factors that help explaining the difference in the recovery paths by using data of OECD countries and aims to explain what role institutional investors (or the lack thereof) play in the respective recovery paths of the US and European debt crisis countries. From the OECD countries' data we could find that institutional investors played an important role in constructing a mature capital market, maintaining capital market stability and preventing a potential financial crisis. China has published several state normative documents to promote the development of institutional investors, by which will be expected leading to a smoothing of the volatility of China's capital markets.
Author: Enrich Professional Publishing Publisher: Enrich Professional Publishing ISBN: 9781623201043 Category : Capital market Languages : en Pages : 0
Book Description
Reforming China s Capital Market, pioneering researcher in China s securities theory Wu Xiaoqiu, along with a team of scholars on China s financial economics, presents an examination of the most critical issues on China s volatile but booming capital market.
Author: Enrich Professional Publishing Publisher: Enrich Professional Publishing ISBN: 9781623201081 Category : Capital market Languages : en Pages : 0
Book Description
In Reforming China's Capital Market, Wu Xiaoqiu, forefather of China's securities theory, examines the most critical issues with this volatile but booming market. This book also offers studies of prominent cases of trading irregularities in China over the past 20 years, as well as suggestions of the regulatory system and the policy orientation for future reforms such as the creation of market watchdogs in order to deter unfair trading practices.
Author: Michael Pettis Publisher: Brookings Institution Press ISBN: 0870034081 Category : Political Science Languages : en Pages : 172
Book Description
The days of rapid economic growth in China are over. Mounting debt and rising internal distortions mean that rebalancing is inevitable. Beijing has no choice but to take significant steps to restructure its economy. The only question is how to proceed. Michael Pettis debunks the lingering bullish expectations for China's economic rise and details Beijing's options. The urgent task of shifting toward greater domestic consumption will come with political costs, but Beijing must increase household income and reduce its reliance on investment to avoid a fall.
Author: Eric Girardin Publisher: Springer Nature ISBN: 303017123X Category : Business & Economics Languages : en Pages : 125
Book Description
Mainstream research has rationalized China’s stock market on the basis of paradigms such as the institutional approach, the efficient market hypothesis, and corporate valuation principles. The deviations from such paradigms have been analyzed as puzzles of China’s stock market. Girardin and Liu explore to what extent, in the perspective of Chinese cultural and historical characteristics, far from being puzzles, these 'deviations’ are rather the symptoms of a consistent strategy for the design, development and regulation of a government-dominated financial system. This book will help investors, observers and researchers understand the hidden logic of the design and functioning of China’s modern stock market, taking a political economy view.
Author: Douglas J. Cumming Publisher: ISBN: Category : Languages : en Pages : 11
Book Description
Eight years ago, The European Journal of Finance (EJF) published the first special issue on the Chinese Capital Markets. This was at a time when Chinese topics were not widely accepted by internationally excellent finance journals. Since then, The European Journal of Finance had published four special issues both containing and encouraging studies that reveal the unique institutions of China. This editorial summarises the articles included in this 5th CCM special issue and discusses a series of legislative and regulatory changes, which has strengthened the role of the Chinese Communist Party in the economy and society under the “Party leads everything” doctrine. We encourage future studies to examine their implications on finance and economics and believe that the results of such studies will be helpful for the CPC and the Chinese Government to shape future policies to ensure sustainable development.
Author: Weishi Jia
Author: Weishi Jia
Author: Erjie Cao
Author: Yong Zhen
Author: Jiye Hu
Author: Enrich Professional Publishing
Author: Enrich Professional Publishing
Author: Michael Pettis
Author: Yebi Hu
Author: Eric Girardin
Author: Douglas J. Cumming