Privatizing China: Inside China's Stock Markets (平装)

2006-10  

John Wiley & Sons (2006年10月13日)  

Fraser J. T. Howie  

335  

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Privatizing China: Inside china's Stock Markets goes behind the hype and the headlines to show the reality of China's stock markets. Understanding these markets and knowing how they need to develop is essential to the rising generation of foreign investors, fund managers, executives and regulators who only recently have been given access. It is the only book to provide a comprehensive analysis of how the market was established and how this history has shaped its current strengths and weaknesses. 　　In this second edition of Privatizing China, the authors Carl Walter and Fraser Howie have completely revised and updated their account of the evolution of China's equity markets. As long-term market participants, the authors have added three new chapters that provide an insider's view of the political struggle over market reform, an in-depth look at the resulting 2005 G share reforms and a full treatment of the policies and market practice of the Qualified Foreign Institutional Investor （QFll）channel. Against this larger background, this book shows how the markets have developed from their early dominance by local governments to ones that are controlled and deliberately manipulated by the central government in pursuit of its own policy goals. Privatizing China: Inside China's Stock Markets is indispensable reading for those who wish to understand the limits of China's unique approach to economic reforms - combining the past with an enthusiasm to embrace real market past with an enthusiasm to embrace real market practices.No one should consider investing in Chinese stocks or companies without reading this book.

PrefaceList of AbbreviationsChronology1 "You're None of Those!"2 How China's Stock Markets Came to Be The evolution of the Shenzhen and Shanghai securities market Original structure of the Shanghai and Shenzhen exchanges The Stock Exchange Executive Council and the electronic markets （STAQ and NETS） The regional trading centers The auction houses The Third Board3. Who Minds the Fox：The Regulators The PBOC：Market player or market regulator？ Building the CSRC The internationalization of the CSRC The Stock Exchange of Hong Kong goes to the top The CSRC's domestic struggle Regulatory philosophy The CSRC takes the initiative, 2000-024. Defining Ownership：Share Types Shares of what？ The 1992 Standard Opinion The 1994 Company Law Listed company shares The 1999 Securities Law 5. Packaging SOEs：Restructuring and Listing Evolution of Chinese corporate law How to "package" an SOE Corporate restructuring for international listing 6. The Fortunate Few：Listed Companies Who decides who lists？ International pricing A share pricing Analysis of listed companies A note on private companies7.Where Have All the （Retail） Investors Gone？ How many investors？ Who are China's investors？8.Sliced and Diced：China's Segmented Stock Markets Segmented markets Is there a company value？ Economic inefficiencies of segmented markets Circles of ownership Privatization with Chinese characteristics9.Searching for the Big Fix, 2001-05 Trying to merge the segmented markets The character of the market in the new century Coming up with the Big Fix The terms of the debate about state shares The securities industry debacle10.How CSRC Sought to Merge the Markets:the G Company Reform SASAC：defender of state property rights The CSRC's "Final Fix". Pilot cases of the new poltcy Warrants and SASAC's champion：BaoSteel11.Foreign Investors in China's Stock Market All about QFII How is QFII being used？ QFII investment allocation Does QFII matter？ Foreign investment in non-tradable （then tradable） shares12.Bulls and Bears：Summing Up China's bull markets, 1990-2001 The end of an era：China's Internet boom and bust, 2000-05 Taking the market's measure A summing upAppendices

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