Chinese Stock Markets: A Research Handbook by Dongwei Su

By Dongwei Su

The exponential progress of China’s inventory markets long ago decade has attracted worldwide awareness from lecturers and practitioners. The practitioner’s curiosity in chinese language markets stems from enterprises; traders and monetary associations foresee big advantages from making an investment in China in the end. even if, the tutorial literature at the improvement of securities markets and reform of country companies in China remains to be in its infancy and fragmented. This instruction manual goals to bridge that hole by means of providing a large spectrum of study within the vanguard of monetary functions. It integrates conception and perform with cutting-edge statistical ideas and offers a number of insights into the most demanding situations confronting chinese language markets within the new millennium.

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The absence of nationally organized money markets-one of the salient features of China's financial sector in the early 1990s-is related to its slow start on interest rate liberalization, its lack of a modern payment and settlement system, and the state banks' inefficient administrative organization. The lack of nationally integrated inter-bank and money markets has, in turn, hampered efforts to achieve the transition to indirect instruments of monetary policy. In the absence of an inter-bank market where surplus funds could be redistributed, the existing indirect instruments have been used to channel liquidity from one region or entity to another.

With rules and regulations coming gradually into place and regulators becoming more experienced in practice, the general securities enforcement capacity has been greatly enhanced. In 1998, over 100 cases of complaints were lodged and investigated by the CSRC. 56 of those were concluded with administrative sanctions imposed and three suspects were transferred to judicial authorities for criminal prosecution. The number of prosecutions in 1998 was more than the total number of cases handled by the CSRC between 1995 and 1997.

In addition to state enterprises, collective enterprises, township and village enterprises, and private enterprises, the Company Law recognizes two additional kinds of corporate legal persons in China: limited liability companies and joint stock companies. The law restricts the number of shareholders for limited liability companies to no more than 50 or will be otherwise unsuitable for listing. Under the Company Law, approval from the relevant State Council departments or from provincial government departments must be obtained before a company can be incorporated.

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