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私有化的中国:中国股票市场内部/PRIVATIZING CHINA

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私有化的中国:中国股票市场内部/PRIVATIZING CHINA

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作 者:FraserJ.T. Howie ,Carl E. Walter  著

出 版 社:Oversea Publishing House

出版时间:2006-10-1

I S B N:9780470822142

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内容简介

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.

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目录

Preface
List of Abbreviations
Chronology
1 "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 Board
3. 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, 2000-02
4. 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 companies
7.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 characteristics
9.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 debacle
10.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:BaoSteel
11.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) shares
12.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 up
Appendices

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