The Chinese capital market: performance, parameters for further evolution, and implications for development
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Deutscher Univ.-Verl.
2006
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| Series: | Gabler Edition Wissenschaft
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| Physical Description: | XXI, 435 S. graph. Darst. |
| ISBN: | 3835004158 9783835004153 |
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| 245 | 1 | 0 | |a The Chinese capital market |b performance, parameters for further evolution, and implications for development |c Annette Kleinbrod |
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| adam_text | Table of Contents
List of Figures XIII
List of Tables XVII
List of Abbreviations XIX
General Notes XXI
1 Introduction 1
2 The Significance of Effective Development in China 5
2.1 Stability and Welfare as Governance Maxims throughout the Millennia 6
2.1.1 Momentous Historical Occurrences 6
2.1.2 From Sophisticated Power to Stunted Performance 10
2.2 China s Development Since 1978 14
2.2.1 Stability and Welfare Throughout the Course of the Reform Period 15
2.2.2 A Note on Conduct to Imminent Instability 17
2.2.3 Unequalled Achievements in Regaining Momentum 20
2.3 Considerations for the Future Path of Development 26
2.3.1 A Broad Array of Challenges 27
2.3.2 The Paramount Importance of the Financial System 29
3 The Connection Between the Capital Market and Development 33
3.1 General Aspects of Financial System Design 34
3.1.1 Resuming the Bank based Versus Market based Debate 35
3.1.2 Limited Applicability of an Overall Concept of Efficiency 37
3.1.3 Principle of Dynamism and Evolutionary Capability 39
3.2 The Finance Growth and Finance Development Link in Theory and Empiricism 41
3.2.1 Theoretical Concepts 42
3.2.2 Empirical Studies 43
3.3 Resulting Research Method 47
3.3.1 Fundamental Features of the Development Structure 48
VII
3.3.2 Overview of the Role of the Capital Market in Effective Development 54
3.3.3 A Functional Perspective as a Starting Point 56
3.3.3.1 The Functional Perspective Concept 57
3.3.3.2 Functions of the Capital Market 58
3.3.3.3 Essential Details of Stock and Bond Markets 64
3.3.4 Evaluating the State of the Capital Market 70
3.3.4.1 General Statistical Data on Capital Market Capacity 70
3.3.4.2 Capital Market Development Indicators 70
3.3.5 Parameters Influencing the Capital Market 72
3.3.5.1 Basic Considerations 73
3.3.5.2 Eight Significant Parameters Depicted as Spheres 74
4 The Current Performance of the Chinese Capital Market 78
4.1 Rationale for the Stock and Bond Markets Re emergence Since the 1980s 79
4.2 The Stock Market Segment 81
4.2.1 Relevance of the Stock Market in Raising Capital 82
4.2.2 Particularities as to the Differentiation into Diverse Share Categories 84
4.2.2.1 Shares of Companies Incorporated in China 85
4.2.2.2 Shares of China related Companies Incorporated Outside China 91
4.2.2.3 Market Segmentation in Transition 93
4.2.3 Companies Quoted on Domestic Stock Exchanges 99
4.2.3.1 Number of Listed Companies 100
4.2.3.2 Industrial Distribution 103
4.2.3.3 Regional Distribution 107
4.2.3.4 Selected Financial Indicators and Overall Performance 109
4.2.4 Investors in Domestic Stock Exchanges 116
4.2.4.1 Number of Investors 116
4.2.4.2 Composition of Investors 120
4.2.4.3 Regional Distribution of Investor Accounts 126
4.2.5 Data on Stock Market Performance 131
4.2.5.1 Total and Tradable Market Capitalisation 131
VIII
4.2.5.2 Trading Volume 134
4.2.5.3 Turnover 137
4.2.5.4 Average Turnover Rate 138
4.2.5.5 Price to Earnings Ratio 140
4.2.5.6 Stock Exchange Composite Indices 143
4.2.5.7 Essential Periods Causing a Shift in Performance Direction 145
4.3 The Bond Market Segment 149
4.3.1 Relevance of the Bond markets in Raising Capital 151
4.3.2 Features of Existing Bond Categories 156
4.3.2.1 Treasury Bonds 157
4.3.2.2 Financial Bonds 162
4.3.2.3 Enterprise Bonds 164
4.3.3 Secondary Market Options 167
4.3.3.1 Interbank Market 168
4.3.3.2 Stock Exchanges 169
4.3.3.3 Bank Over the Counter Market 170
4.3.3.4 Towards Higher Secondary Market Efficiency 171
4.3.4 Data on Bond Market Trading 172
4.3.4.1 Weight of Bond Trading on the Interbank Market 172
4.3.4.2 Trends of Bond Trading on Stock Exchanges 175
4.3.4.3 Initial Phase of the Bank Over the Counter Market 183
4.3.4.4 Overriding Requirements for Bond Trading 184
4.4 A China International Comparison of Capital Market Development 185
4.4.1 China s Stock and Bond Market Development as a Basis for Comparison 186
4.4.2 State of Affairs in Selected International Countries 193
4.4.2.1 United States and Germany 193
4.4.2.2 Japan and India 195
4.4.2.3 Asian Tiger Economies 197
4.4.2.4 Asian Panther Economies 201
4.4.3 A Concluding Remark on the Use of China International Comparisons 205
IX
4.5 Recapitulatory Notes on the Performance of Capital Market Functions 207
5 Significant Parameters for the Chinese Capital Market 211
5.1 Institutional Framework 212
5.1.1 The Potential Impact of the Institutional Framework on the Capital Market... 212
5.1.2 An Evolving Institutional Framework in China 214
5.1.2.1 Formal Rules 214
5.1.2.2 Enforcement of Formal Rules 215
5.1.2.3 Guanxi as the Basis of Informal Rules 216
5.1.2.4 The Danger of Disregarding Rules 217
5.1.2.5 Concluding View on the Impact of the Institutional Framework 219
5.2 Corporate Governance 220
5.2.1 The Potential Impact of Corporate Governance on the Capital Market 221
5.2.2 Pivotal Features of Corporate Governance in China 223
5.2.2.1 Diversification of Ownership Forms 224
5.2.2.2 Relationship Between Companies and Shareholders 226
5.2.2.3 Scope of External Incentives and Directives 230
5.2.2.4 Potential for Incentives Based on Agreements 232
5.2.2.5 Concluding View on the Impact of Corporate Governance 234
5.3 Reputational Agents 235
5.3.1 The Potential Impact of Reputational Agents on the Capital Market 235
5.3.2 The Role of Reputational Agents in China 236
5.3.2.1 The Media as a Case in Point for the Realm of Possibility 236
5.3.2.2 Rating Agencies as an Illustration of the Long Road Ahead 238
5.3.2.3 Concluding View on the Impact of Reputational Agents 239
5.4 Key Stakeholders Acting For Society 240
5.4.1 The Potential Impact of Stakeholders Acting for Society on the Capital
Market 241
5.4.2 Key Stakeholders Acting For Society in China 242
5.4.2.1 Social Organisations 243
5.4.2.2 Research Entities and Individual Personages 248
X
5.4.2.3 Ethnic and Spiritual Groupings 251
5.4.2.4 Cyberspace Connectability 251
5.4.2.5 Concluding View on the Impact of Stakeholders Acting for Society... 253
5.5 The General Political and Economic Situation 253
5.5.1 The Potential Impact of Policy and the Economy on the Capital Market 254
5.5.2 Policy and Economy in the Course of the Reform Measures Started in 1978.. 254
5.5.2.1 Political Actions Under the Fourth Leadership Generation 255
5.5.2.2 Towards Higher Economic Efficiency 255
5.5.2.3 Concluding View on the Impact of Policy and the Economy 256
5.6 Societal and Demographic Affairs 257
5.6.1 The Potential Impact of Societal and Demographic Affairs on the Capital
Market 257
5.6.2 Fundamental Changes in Society and Demography in China 259
5.6.2.1 Changes in Income Levels and Distribution 260
5.6.2.2 Population and the Ageing Society 261
5.6.2.3 Concluding View on the Impact of Societal and Demographic
Affairs 265
5.7 The State of Technology and Infrastructure 265
5.7.1 The Potential Impact of Technology and Infrastructure on the Capital
Market 266
5.7.2 Trends of Technology and Infrastructure in China 266
5.7.2.1 The Role of Information and Networking Technologies 267
5.7.2.2 Overcoming the Infrastructure Bottleneck 268
5.7.2.3 Concluding View on the Impact of Technology and Infrastructure 269
5.8 Regional and Global Integration 269
5.8.1 The Potential Impact of Regional and Global Integration on the Capital
Market 270
5.8.2 The State of China s Regional and Global Integration 270
5.8.2.1 The Level of Regional Integration 271
5.8.2.2 The Significance of the Accession to the World Trade Organization... 271
XI
5.8.2.3 Tendencies of Interest 272
5.8.2.4 Concluding View on the Effect of Regional and Global Integration... 273
5.9 Closing Notes on Significant Parameters 273
6 Opinions on Capital Market Performance and Its Potential 276
6.1 Method of Data Acquisition 276
6.2 Survey Results 277
6.2.1 Contribution to Financing Effective Development 278
6.2.2 Accomplishment of Capital Market Functions 283
6.2.3 Influence Exerted by Significant Parameters 291
6.2.4 Reciprocal Influence of the Significant Parameters 305
6.2.5 Greatest Obstacles to Further Capital Market Evolution 314
7 Prospects of the Capital Market and China s Development 317
Appendix 325
A Side Note on General Facets of the Notion of Corporate Governance 326
A.I Diversity in Corporate Governance Perceptions 326
A.2 Mechanisms Giving Direction to the State of Corporate Governance 331
A.2.1 Primary Participants and Internal Mechanisms 331
A.2.2 External Incentives and Directives 332
A.2.3 Stimuli Based on Agreements 334
B Side Note on the Civil Society Approach 336
B.I From a Philosophical and Political Concept to a Buzzword 336
B.2 Re examination of this Concept s Applicability to Today s China 338
C Glossary 342
Literature and References 353
Data Sources 43I
Major Regulations, Rules, and Measures Mentioned in the Text 434
XII
List of Figures
Figure 1: The Octagon of Chinese Essential Variables 23
Figure 2: GDP Growth and Significant Historical Events (1953 2004) 24
Figure 3: Basic Development Outline 51
Figure 4: Capital Market Functions 60
Figure 5: Significant Parameters Impacting the Capital Market Formation 76
Figure 6: Capital Raised in Domestic Stock Markets and Bank Loans (1993 2004) 83
Figure 7: Quantity of Different Share Categories of Companies Listed in China
(1992 2004) 87
Figure 8: Percentage of Different Share Categories of Companies Listed in China
(1992 2004) 89
Figure 9: Number of Listed Companies on the Shanghai and Shenzhen Stock
Exchanges (1990 2004) 101
Figure 10: Number of Listed Companies by Share Category 1994 2004 102
Figure 11: Regional Distribution of Companies Listed and GRP (2004) 108
Figure 12: Assets, Revenue, and Profit of Listed Companies (1992 2004) 110
Figure 13: Total Debt to Total Assets Ratio (1992 2004) Ill
Figure 14: Net Profit to Net Assets Ratio and Earnings per Share (1992 2004) 112
Figure 15: Net Profit to Net Assets Ratio and Net Assets Per Share (1992 2004) 113
Figure 16: Proportion of ST status Companies in the A share and B share Markets
(1998 2004) 115
Figure 17: Number of Opened Investor Accounts (1993 2004) 117
Figure 18: Overview of the Regional Distribution of A share Investor Accounts,
GRP, and Savings Deposits of Rural and Urban Households (2003) 127
Figure 19: Total and Tradable Market Capitalisation of China s Domestic Stock
Exchanges (1993 2004) 132
Figure 20: Total and Tradable Market Capitalisation of the Shanghai and Shenzhen
Stock Exchanges (1993 2004) 133
Figure 21: Trading Volume of Shanghai and Shenzhen Stock Exchanges (1993 2004).. 135
Figure 22: Trading Volume of the A share and B share Markets (1992 2004) 136
XIII
Figure 23: Turnover of the Shanghai and Shenzhen Stock Exchanges (1993 2004) 137
Figure 24: Turnover of the A share and B share Markets (1993 2004) 138
Figure 25: Average Turnover Rate of the Shanghai and Shenzhen Stock Exchanges
(1994 2004) 139
Figure 26: Average Turnover Rate of the A share and B share Markets (1994 2004).... 140
Figure 27: Price to Earnings Ratios of the Shanghai and Shenzhen Stock Exchanges
(1993 2004) 141
Figure 28: Price to Earnings Ratios of the A share and B share Markets (1994 2004)... 142
Figure 29: Trend of the Shanghai Composite Index (1992 2004) 144
Figure 30: Trend of the Shenzhen Composite Index (1992 2004) 145
Figure 31: Treasury Bonds Issued and Bank Loans (1993 2004) 151
Figure 32: Financial Bonds Issued and Bank Loans (1996 2004) 153
Figure 33: Enterprise Bonds Issued and Bank Loans (1993 2004) 154
Figure 34: Enterprise Bonds Issued and Capital Raised in Domestic Stock Markets
(1987 2004) 155
Figure 35: Issuing Summary of Treasury Bonds (1986 2004) 159
Figure 36: Issuing Summary of Financial Bonds (1986 2004) 163
Figure 37: Issuing Summary of Enterprise Bonds (1986 2004) 165
Figure 38: Turnover of Interbank Lending and Bond Trading (2004) 173
Figure 39: Total Annual Trading Volume of Collateralised Repurchase Agreements
on the Interbank Market and Interbank Lending (1996 2004) 174
Figure 40: Number of Bonds Listed on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 176
Figure 41: Number of Bonds Listed on the Stock Exchanges According to Category
(1995 2004) 177
Figure 42: Bond Trading Volume on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 178
Figure 43: Bond Trading Volume on the Stock Exchanges According to Category
(1995 2004) 179
XIV
Figure 44: Bond Trading Turnover on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 180
Figure 45: Bond Trading Turnover on the Stock Exchanges According to Category
(1995 2004) 181
Figure 46: Number Listed and Turnover of Treasury Bond Repurchase Agreements
and Spot Trading on the Stock Exchanges (1995 2004) 182
Figure 47: Number Listed and Turnover of Enterprise Bond Repurchase Agreements
and Spot Trading on the Stock Exchanges (1995 2004) 183
Figure 48: China Capital Market Development Indicators (1990 2003) 186
Figure 49: Stock Market Turnover Ratio Compared to Stock Market Average
Turnover Rate (1994 2003) 187
Figure 50: Comparison of Different Stock Market Capitalisation to GDP Figures
(1992 2003) 188
Figure 51: Detailed Section of China Capital Market Development Indicators Plus
Tradable Market Capitalisation to GDP (1992 2003) 189
Figure 52: Comparison of Stock Market Total Value Traded to GDP and Stock Market
Turnover to GDP (1992 2003) 191
Figure 53: United States Capital Market Development Indicators (1990 2003) 194
Figure 54: Germany Capital Market Development Indicators (1990 2003) 195
Figure 55: Japan Capital Market Development Indicators (1990 2003) 196
Figure 56: India Capital Market Development Indicators (1990 2003) 197
Figure 57: Hongkong Capital Market Development Indicators (1990 2003) 198
Figure 58: Taiwan Capital Market Development Indicators (1990 2003) 199
Figure 59: Singapore Capital Market Development Indicators (1990 2003) 200
Figure 60: Republic of Korea Capital Market Development Indicators (1990 2003) 201
Figure 61: Indonesia Capital Market Development Indicators (1990 2003) 202
Figure 62: Malaysia Capital Market Development Indicators (1990 2003) 203
Figure 63: Philippines Capital Market Development Indicators (1990 2003) 204
Figure 64: Thailand Capital Market Development Indicators (1990 2003) 205
XV
Figure 65: Outstanding Domestic Debt Securities, Stock Market Capitalisation, and
Bank Loans in China, Asian Emerging Markets, and Mature Markets
(2004) 207
Figure 66: Major Components Constraining Efficient Capital Allocation 209
Figure 67: Process Initiated by Corporate Governance Mechanisms 222
Figure 68: Age groups in Percent of Total Population (1950,2000, 2050) 262
Figure 69: Reciprocal Influence from the Perspective of the Institutional Framework... 306
Figure 70: Reciprocal Influence from the Perspective of Corporate Governance 307
Figure 71: Reciprocal Influence from the Perspective of Reputational Agents 308
Figure 72: Reciprocal Influence from the Perspective of Key Stakeholders Acting for
Society 309
Figure 73: Reciprocal Influence from the Perspective of the Political and Economic
Situation 310
Figure 74: Reciprocal Influence from the Perspective of Societal and Demographic
Affairs 311
Figure 75: Reciprocal Influence from the Perspective of the State of Technology and
Infrastructure 312
Figure 76: Reciprocal Influence from the Perspective of Regional and Global
Integration 313
Figure 77: Major Parties With the Capacity to Influence Corporate Governance 329
XVI
List of Tables
Table 1: China s Population Development and Economic Performance 1820 1978 14
Table 2: China s Position in IMD s World Competitiveness Ranking 2001 2005 25
Table 3: Essential Capital Market Contributions to Effective Development 55
Table 4: Overview of the Stock Markets Role in Performing Capital Market
Functions 65
Table 5: Overview of the Bond Markets Role in Performing Capital Market
Functions 68
Table 6: Statistical Data Displaying the State of Stock and Bond Markets 70
Table 7: Overview of Indicators for Stock and Bond Market Development 72
Table 8: Major Traditional Share Categories of Companies Incorporated in
Mainland China 85
Table 9: Industrial Distribution of Listed Companies (2000 2004) 104
Table 10: Industrial Distribution of A share Initial Public Offerings Issued in
Volume (2000 2004) 105
Table 11: Industrial Distribution of A share Initial Public Offerings Capital Raised
(2000 2004) 106
Table 12: Synopsis of Domestic Stock Market s Investors 121
Table 13: Data on the Regional Distribution of A share Investor Accounts, GRP, and
Savings Deposits of Rural and Urban Households (2003) 128
Table 14: B share Investor Accounts of Domestic and Foreign Investors 130
Table 15: Overview of Selected Momentous Periods in Stock Market Development... 146
Table 16: Maturity Structure of Collateralised Repurchase Agreements on the
Interbank Market (2001 2004) 175
Table 17: Potential Effects on the Capital Market by Stakeholders Acting For
Society 241
Table 18: Effects on the Capital Market by Stakeholders Acting For Society in China. 245
Table 19: Current Contribution to Financing Effective Development 280
Table 20: Expected Change in the Contribution to Financing Effective Development. 282
Table 21: Current Degree of Facilitating Efficient Capital Allocation 284
XVII
Table 22: Expected Change of Capital Allocation Efficiency 284
Table 23: Current Degree of Pooling 285
Table 24: Expected Change of Pooling 285
Table 25: Current Degree of Transfer 286
Table 26: Expected Change of Transfer 286
Table 27: Current Degree of Liquidity 287
Table 28: Expected Change of Liquidity 287
Table 29: Current Degree of Risk Sharing 288
Table 30: Expected Change of Risk Sharing 288
Table 31: Current Degree of Information Availability 289
Table 32: Expected Change of Information Availability 290
Table 33: Current Degree of Monitoring and Control 290
Table 34: Expected Change of Monitoring and Control 291
Table 35: Current Impact of the Institutional Framework 292
Table 36: Expected Change of the Institutional Framework Impact 293
Table 37: Current Impact of Corporate Governance 294
Table 38: Expected Change of Corporate Governance Impact 294
Table 39: Current Impact of Reputational Agents 295
Table 40: Expected Change of Reputational Agent Impact 296
Table 41: Current Impact of Key Stakeholders Acting for Society 297
Table 42: Expected Change of Key Stakeholders Acting for Society Impact 298
Table 43: Current Impact of the Political and Economic Situation 299
Table 44: Expected Change of the General Political and Economic Situation 300
Table 45: Current Impact of Societal and Demographic Affairs Impact 301
Table 46: Expected Change of Societal and Demographic Affairs Impact 302
Table 47: Current Impact of the State of Technology and Infrastructure 302
Table 48: Expected Change of the State of Technology and Infrastructure Impact 303
Table 49: Current Impact of Regional and Global Integration 304
Table 50: Expected Change of Regional and Global Integration Impact 305
XVIII
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| adam_txt |
Table of Contents
List of Figures XIII
List of Tables XVII
List of Abbreviations XIX
General Notes XXI
1 Introduction 1
2 The Significance of Effective Development in China 5
2.1 Stability and Welfare as Governance Maxims throughout the Millennia 6
2.1.1 Momentous Historical Occurrences 6
2.1.2 From Sophisticated Power to Stunted Performance 10
2.2 China's Development Since 1978 14
2.2.1 Stability and Welfare Throughout the Course of the Reform Period 15
2.2.2 A Note on Conduct to Imminent Instability 17
2.2.3 Unequalled Achievements in Regaining Momentum 20
2.3 Considerations for the Future Path of Development 26
2.3.1 A Broad Array of Challenges 27
2.3.2 The Paramount Importance of the Financial System 29
3 The Connection Between the Capital Market and Development 33
3.1 General Aspects of Financial System Design 34
3.1.1 Resuming the Bank based Versus Market based Debate 35
3.1.2 Limited Applicability of an Overall Concept of Efficiency 37
3.1.3 Principle of Dynamism and Evolutionary Capability 39
3.2 The Finance Growth and Finance Development Link in Theory and Empiricism 41
3.2.1 Theoretical Concepts 42
3.2.2 Empirical Studies 43
3.3 Resulting Research Method 47
3.3.1 Fundamental Features of the Development Structure 48
VII
3.3.2 Overview of the Role of the Capital Market in Effective Development 54
3.3.3 A Functional Perspective as a Starting Point 56
3.3.3.1 The Functional Perspective Concept 57
3.3.3.2 Functions of the Capital Market 58
3.3.3.3 Essential Details of Stock and Bond Markets 64
3.3.4 Evaluating the State of the Capital Market 70
3.3.4.1 General Statistical Data on Capital Market Capacity 70
3.3.4.2 Capital Market Development Indicators 70
3.3.5 Parameters Influencing the Capital Market 72
3.3.5.1 Basic Considerations 73
3.3.5.2 Eight Significant Parameters Depicted as Spheres 74
4 The Current Performance of the Chinese Capital Market 78
4.1 Rationale for the Stock and Bond Markets' Re emergence Since the 1980s 79
4.2 The Stock Market Segment 81
4.2.1 Relevance of the Stock Market in Raising Capital 82
4.2.2 Particularities as to the Differentiation into Diverse Share Categories 84
4.2.2.1 Shares of Companies Incorporated in China 85
4.2.2.2 Shares of China related Companies Incorporated Outside China 91
4.2.2.3 Market Segmentation in Transition 93
4.2.3 Companies Quoted on Domestic Stock Exchanges 99
4.2.3.1 Number of Listed Companies 100
4.2.3.2 Industrial Distribution 103
4.2.3.3 Regional Distribution 107
4.2.3.4 Selected Financial Indicators and Overall Performance 109
4.2.4 Investors in Domestic Stock Exchanges 116
4.2.4.1 Number of Investors 116
4.2.4.2 Composition of Investors 120
4.2.4.3 Regional Distribution of Investor Accounts 126
4.2.5 Data on Stock Market Performance 131
4.2.5.1 Total and Tradable Market Capitalisation 131
VIII
4.2.5.2 Trading Volume 134
4.2.5.3 Turnover 137
4.2.5.4 Average Turnover Rate 138
4.2.5.5 Price to Earnings Ratio 140
4.2.5.6 Stock Exchange Composite Indices 143
4.2.5.7 Essential Periods Causing a Shift in Performance Direction 145
4.3 The Bond Market Segment 149
4.3.1 Relevance of the Bond markets in Raising Capital 151
4.3.2 Features of Existing Bond Categories 156
4.3.2.1 Treasury Bonds 157
4.3.2.2 Financial Bonds 162
4.3.2.3 Enterprise Bonds 164
4.3.3 Secondary Market Options 167
4.3.3.1 Interbank Market 168
4.3.3.2 Stock Exchanges 169
4.3.3.3 Bank Over the Counter Market 170
4.3.3.4 Towards Higher Secondary Market Efficiency 171
4.3.4 Data on Bond Market Trading 172
4.3.4.1 Weight of Bond Trading on the Interbank Market 172
4.3.4.2 Trends of Bond Trading on Stock Exchanges 175
4.3.4.3 Initial Phase of the Bank Over the Counter Market 183
4.3.4.4 Overriding Requirements for Bond Trading 184
4.4 A China International Comparison of Capital Market Development 185
4.4.1 China's Stock and Bond Market Development as a Basis for Comparison 186
4.4.2 State of Affairs in Selected International Countries 193
4.4.2.1 United States and Germany 193
4.4.2.2 Japan and India 195
4.4.2.3 Asian Tiger Economies 197
4.4.2.4 Asian Panther Economies 201
4.4.3 A Concluding Remark on the Use of China International Comparisons 205
IX
4.5 Recapitulatory Notes on the Performance of Capital Market Functions 207
5 Significant Parameters for the Chinese Capital Market 211
5.1 Institutional Framework 212
5.1.1 The Potential Impact of the Institutional Framework on the Capital Market. 212
5.1.2 An Evolving Institutional Framework in China 214
5.1.2.1 Formal Rules 214
5.1.2.2 Enforcement of Formal Rules 215
5.1.2.3 Guanxi as the Basis of Informal Rules 216
5.1.2.4 The Danger of Disregarding Rules 217
5.1.2.5 Concluding View on the Impact of the Institutional Framework 219
5.2 Corporate Governance 220
5.2.1 The Potential Impact of Corporate Governance on the Capital Market 221
5.2.2 Pivotal Features of Corporate Governance in China 223
5.2.2.1 Diversification of Ownership Forms 224
5.2.2.2 Relationship Between Companies and Shareholders 226
5.2.2.3 Scope of External Incentives and Directives 230
5.2.2.4 Potential for Incentives Based on Agreements 232
5.2.2.5 Concluding View on the Impact of Corporate Governance 234
5.3 Reputational Agents 235
5.3.1 The Potential Impact of Reputational Agents on the Capital Market 235
5.3.2 The Role of Reputational Agents in China 236
5.3.2.1 The Media as a Case in Point for the Realm of Possibility 236
5.3.2.2 Rating Agencies as an Illustration of the Long Road Ahead 238
5.3.2.3 Concluding View on the Impact of Reputational Agents 239
5.4 Key Stakeholders Acting For Society 240
5.4.1 The Potential Impact of Stakeholders Acting for Society on the Capital
Market 241
5.4.2 Key Stakeholders Acting For Society in China 242
5.4.2.1 Social Organisations 243
5.4.2.2 Research Entities and Individual Personages 248
X
5.4.2.3 Ethnic and Spiritual Groupings 251
5.4.2.4 Cyberspace Connectability 251
5.4.2.5 Concluding View on the Impact of Stakeholders Acting for Society. 253
5.5 The General Political and Economic Situation 253
5.5.1 The Potential Impact of Policy and the Economy on the Capital Market 254
5.5.2 Policy and Economy in the Course of the Reform Measures Started in 1978. 254
5.5.2.1 Political Actions Under the Fourth Leadership Generation 255
5.5.2.2 Towards Higher Economic Efficiency 255
5.5.2.3 Concluding View on the Impact of Policy and the Economy 256
5.6 Societal and Demographic Affairs 257
5.6.1 The Potential Impact of Societal and Demographic Affairs on the Capital
Market 257
5.6.2 Fundamental Changes in Society and Demography in China 259
5.6.2.1 Changes in Income Levels and Distribution 260
5.6.2.2 Population and the Ageing Society 261
5.6.2.3 Concluding View on the Impact of Societal and Demographic
Affairs 265
5.7 The State of Technology and Infrastructure 265
5.7.1 The Potential Impact of Technology and Infrastructure on the Capital
Market 266
5.7.2 Trends of Technology and Infrastructure in China 266
5.7.2.1 The Role of Information and Networking Technologies 267
5.7.2.2 Overcoming the Infrastructure Bottleneck 268
5.7.2.3 Concluding View on the Impact of Technology and Infrastructure 269
5.8 Regional and Global Integration 269
5.8.1 The Potential Impact of Regional and Global Integration on the Capital
Market 270
5.8.2 The State of China's Regional and Global Integration 270
5.8.2.1 The Level of Regional Integration 271
5.8.2.2 The Significance of the Accession to the World Trade Organization. 271
XI
5.8.2.3 Tendencies of Interest 272
5.8.2.4 Concluding View on the Effect of Regional and Global Integration. 273
5.9 Closing Notes on Significant Parameters 273
6 Opinions on Capital Market Performance and Its Potential 276
6.1 Method of Data Acquisition 276
6.2 Survey Results 277
6.2.1 Contribution to Financing Effective Development 278
6.2.2 Accomplishment of Capital Market Functions 283
6.2.3 Influence Exerted by Significant Parameters 291
6.2.4 Reciprocal Influence of the Significant Parameters 305
6.2.5 Greatest Obstacles to Further Capital Market Evolution 314
7 Prospects of the Capital Market and China's Development 317
Appendix 325
A Side Note on General Facets of the Notion of Corporate Governance 326
A.I Diversity in Corporate Governance Perceptions 326
A.2 Mechanisms Giving Direction to the State of Corporate Governance 331
A.2.1 Primary Participants and Internal Mechanisms 331
A.2.2 External Incentives and Directives 332
A.2.3 Stimuli Based on Agreements 334
B Side Note on the Civil Society Approach 336
B.I From a Philosophical and Political Concept to a Buzzword 336
B.2 Re examination of this Concept's Applicability to Today's China 338
C Glossary 342
Literature and References 353
Data Sources 43I
Major Regulations, Rules, and Measures Mentioned in the Text 434
XII
List of Figures
Figure 1: The Octagon of Chinese Essential Variables 23
Figure 2: GDP Growth and Significant Historical Events (1953 2004) 24
Figure 3: Basic Development Outline 51
Figure 4: Capital Market Functions 60
Figure 5: Significant Parameters Impacting the Capital Market Formation 76
Figure 6: Capital Raised in Domestic Stock Markets and Bank Loans (1993 2004) 83
Figure 7: Quantity of Different Share Categories of Companies Listed in China
(1992 2004) 87
Figure 8: Percentage of Different Share Categories of Companies Listed in China
(1992 2004) 89
Figure 9: Number of Listed Companies on the Shanghai and Shenzhen Stock
Exchanges (1990 2004) 101
Figure 10: Number of Listed Companies by Share Category 1994 2004 102
Figure 11: Regional Distribution of Companies Listed and GRP (2004) 108
Figure 12: Assets, Revenue, and Profit of Listed Companies (1992 2004) 110
Figure 13: Total Debt to Total Assets Ratio (1992 2004) Ill
Figure 14: Net Profit to Net Assets Ratio and Earnings per Share (1992 2004) 112
Figure 15: Net Profit to Net Assets Ratio and Net Assets Per Share (1992 2004) 113
Figure 16: Proportion of ST status Companies in the A share and B share Markets
(1998 2004) 115
Figure 17: Number of Opened Investor Accounts (1993 2004) 117
Figure 18: Overview of the Regional Distribution of A share Investor Accounts,
GRP, and Savings Deposits of Rural and Urban Households (2003) 127
Figure 19: Total and Tradable Market Capitalisation of China's Domestic Stock
Exchanges (1993 2004) 132
Figure 20: Total and Tradable Market Capitalisation of the Shanghai and Shenzhen
Stock Exchanges (1993 2004) 133
Figure 21: Trading Volume of Shanghai and Shenzhen Stock Exchanges (1993 2004). 135
Figure 22: Trading Volume of the A share and B share Markets (1992 2004) 136
XIII
Figure 23: Turnover of the Shanghai and Shenzhen Stock Exchanges (1993 2004) 137
Figure 24: Turnover of the A share and B share Markets (1993 2004) 138
Figure 25: Average Turnover Rate of the Shanghai and Shenzhen Stock Exchanges
(1994 2004) 139
Figure 26: Average Turnover Rate of the A share and B share Markets (1994 2004). 140
Figure 27: Price to Earnings Ratios of the Shanghai and Shenzhen Stock Exchanges
(1993 2004) 141
Figure 28: Price to Earnings Ratios of the A share and B share Markets (1994 2004). 142
Figure 29: Trend of the Shanghai Composite Index (1992 2004) 144
Figure 30: Trend of the Shenzhen Composite Index (1992 2004) 145
Figure 31: Treasury Bonds Issued and Bank Loans (1993 2004) 151
Figure 32: Financial Bonds Issued and Bank Loans (1996 2004) 153
Figure 33: Enterprise Bonds Issued and Bank Loans (1993 2004) 154
Figure 34: Enterprise Bonds Issued and Capital Raised in Domestic Stock Markets
(1987 2004) 155
Figure 35: Issuing Summary of Treasury Bonds (1986 2004) 159
Figure 36: Issuing Summary of Financial Bonds (1986 2004) 163
Figure 37: Issuing Summary of Enterprise Bonds (1986 2004) 165
Figure 38: Turnover of Interbank Lending and Bond Trading (2004) 173
Figure 39: Total Annual Trading Volume of Collateralised Repurchase Agreements
on the Interbank Market and Interbank Lending (1996 2004) 174
Figure 40: Number of Bonds Listed on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 176
Figure 41: Number of Bonds Listed on the Stock Exchanges According to Category
(1995 2004) 177
Figure 42: Bond Trading Volume on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 178
Figure 43: Bond Trading Volume on the Stock Exchanges According to Category
(1995 2004) 179
XIV
Figure 44: Bond Trading Turnover on the Shanghai and Shenzhen Stock Exchanges
(1995 2004) 180
Figure 45: Bond Trading Turnover on the Stock Exchanges According to Category
(1995 2004) 181
Figure 46: Number Listed and Turnover of Treasury Bond Repurchase Agreements
and Spot Trading on the Stock Exchanges (1995 2004) 182
Figure 47: Number Listed and Turnover of Enterprise Bond Repurchase Agreements
and Spot Trading on the Stock Exchanges (1995 2004) 183
Figure 48: China Capital Market Development Indicators (1990 2003) 186
Figure 49: Stock Market Turnover Ratio Compared to Stock Market Average
Turnover Rate (1994 2003) 187
Figure 50: Comparison of Different Stock Market Capitalisation to GDP Figures
(1992 2003) 188
Figure 51: Detailed Section of China Capital Market Development Indicators Plus
Tradable Market Capitalisation to GDP (1992 2003) 189
Figure 52: Comparison of Stock Market Total Value Traded to GDP and Stock Market
Turnover to GDP (1992 2003) 191
Figure 53: United States Capital Market Development Indicators (1990 2003) 194
Figure 54: Germany Capital Market Development Indicators (1990 2003) 195
Figure 55: Japan Capital Market Development Indicators (1990 2003) 196
Figure 56: India Capital Market Development Indicators (1990 2003) 197
Figure 57: Hongkong Capital Market Development Indicators (1990 2003) 198
Figure 58: Taiwan Capital Market Development Indicators (1990 2003) 199
Figure 59: Singapore Capital Market Development Indicators (1990 2003) 200
Figure 60: Republic of Korea Capital Market Development Indicators (1990 2003) 201
Figure 61: Indonesia Capital Market Development Indicators (1990 2003) 202
Figure 62: Malaysia Capital Market Development Indicators (1990 2003) 203
Figure 63: Philippines Capital Market Development Indicators (1990 2003) 204
Figure 64: Thailand Capital Market Development Indicators (1990 2003) 205
XV
Figure 65: Outstanding Domestic Debt Securities, Stock Market Capitalisation, and
Bank Loans in China, Asian Emerging Markets, and Mature Markets
(2004) 207
Figure 66: Major Components Constraining Efficient Capital Allocation 209
Figure 67: Process Initiated by Corporate Governance Mechanisms 222
Figure 68: Age groups in Percent of Total Population (1950,2000, 2050) 262
Figure 69: Reciprocal Influence from the Perspective of the Institutional Framework. 306
Figure 70: Reciprocal Influence from the Perspective of Corporate Governance 307
Figure 71: Reciprocal Influence from the Perspective of Reputational Agents 308
Figure 72: Reciprocal Influence from the Perspective of Key Stakeholders Acting for
Society 309
Figure 73: Reciprocal Influence from the Perspective of the Political and Economic
Situation 310
Figure 74: Reciprocal Influence from the Perspective of Societal and Demographic
Affairs 311
Figure 75: Reciprocal Influence from the Perspective of the State of Technology and
Infrastructure 312
Figure 76: Reciprocal Influence from the Perspective of Regional and Global
Integration 313
Figure 77: Major Parties With the Capacity to Influence Corporate Governance 329
XVI
List of Tables
Table 1: China's Population Development and Economic Performance 1820 1978 14
Table 2: China's Position in IMD's World Competitiveness Ranking 2001 2005 25
Table 3: Essential Capital Market Contributions to Effective Development 55
Table 4: Overview of the Stock Markets' Role in Performing Capital Market
Functions 65
Table 5: Overview of the Bond Markets' Role in Performing Capital Market
Functions 68
Table 6: Statistical Data Displaying the State of Stock and Bond Markets 70
Table 7: Overview of Indicators for Stock and Bond Market Development 72
Table 8: Major Traditional Share Categories of Companies Incorporated in
Mainland China 85
Table 9: Industrial Distribution of Listed Companies (2000 2004) 104
Table 10: Industrial Distribution of A share Initial Public Offerings Issued in
Volume (2000 2004) 105
Table 11: Industrial Distribution of A share Initial Public Offerings Capital Raised
(2000 2004) 106
Table 12: Synopsis of Domestic Stock Market's Investors 121
Table 13: Data on the Regional Distribution of A share Investor Accounts, GRP, and
Savings Deposits of Rural and Urban Households (2003) 128
Table 14: B share Investor Accounts of Domestic and Foreign Investors 130
Table 15: Overview of Selected Momentous Periods in Stock Market Development. 146
Table 16: Maturity Structure of Collateralised Repurchase Agreements on the
Interbank Market (2001 2004) 175
Table 17: Potential Effects on the Capital Market by Stakeholders Acting For
Society 241
Table 18: Effects on the Capital Market by Stakeholders Acting For Society in China. 245
Table 19: Current Contribution to Financing Effective Development 280
Table 20: Expected Change in the Contribution to Financing Effective Development. 282
Table 21: Current Degree of Facilitating Efficient Capital Allocation 284
XVII
Table 22: Expected Change of Capital Allocation Efficiency 284
Table 23: Current Degree of Pooling 285
Table 24: Expected Change of Pooling 285
Table 25: Current Degree of Transfer 286
Table 26: Expected Change of Transfer 286
Table 27: Current Degree of Liquidity 287
Table 28: Expected Change of Liquidity 287
Table 29: Current Degree of Risk Sharing 288
Table 30: Expected Change of Risk Sharing 288
Table 31: Current Degree of Information Availability 289
Table 32: Expected Change of Information Availability 290
Table 33: Current Degree of Monitoring and Control 290
Table 34: Expected Change of Monitoring and Control 291
Table 35: Current Impact of the Institutional Framework 292
Table 36: Expected Change of the Institutional Framework Impact 293
Table 37: Current Impact of Corporate Governance 294
Table 38: Expected Change of Corporate Governance Impact 294
Table 39: Current Impact of Reputational Agents 295
Table 40: Expected Change of Reputational Agent Impact 296
Table 41: Current Impact of Key Stakeholders Acting for Society 297
Table 42: Expected Change of Key Stakeholders Acting for Society Impact 298
Table 43: Current Impact of the Political and Economic Situation 299
Table 44: Expected Change of the General Political and Economic Situation 300
Table 45: Current Impact of Societal and Demographic Affairs Impact 301
Table 46: Expected Change of Societal and Demographic Affairs Impact 302
Table 47: Current Impact of the State of Technology and Infrastructure 302
Table 48: Expected Change of the State of Technology and Infrastructure Impact 303
Table 49: Current Impact of Regional and Global Integration 304
Table 50: Expected Change of Regional and Global Integration Impact 305
XVIII |
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| id | DE-604.BV021744190 |
| illustrated | Illustrated |
| index_date | 2024-07-02T15:30:16Z |
| indexdate | 2024-07-09T20:43:02Z |
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| spelling | Kleinbrod, Annette Verfasser (DE-588)132305690 aut The Chinese capital market performance, parameters for further evolution, and implications for development Annette Kleinbrod 1. Aufl. Wiesbaden Deutscher Univ.-Verl. 2006 XXI, 435 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Gabler Edition Wissenschaft Zugl.: Marburg, Univ., Diss., 2006 Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf China (DE-588)4009937-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content China (DE-588)4009937-4 g Kapitalmarkt (DE-588)4029578-3 s b DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014957492&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kleinbrod, Annette The Chinese capital market performance, parameters for further evolution, and implications for development Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)4029578-3 (DE-588)4009937-4 (DE-588)4113937-9 |
| title | The Chinese capital market performance, parameters for further evolution, and implications for development |
| title_auth | The Chinese capital market performance, parameters for further evolution, and implications for development |
| title_exact_search | The Chinese capital market performance, parameters for further evolution, and implications for development |
| title_exact_search_txtP | The Chinese capital market performance, parameters for further evolution, and implications for development |
| title_full | The Chinese capital market performance, parameters for further evolution, and implications for development Annette Kleinbrod |
| title_fullStr | The Chinese capital market performance, parameters for further evolution, and implications for development Annette Kleinbrod |
| title_full_unstemmed | The Chinese capital market performance, parameters for further evolution, and implications for development Annette Kleinbrod |
| title_short | The Chinese capital market |
| title_sort | the chinese capital market performance parameters for further evolution and implications for development |
| title_sub | performance, parameters for further evolution, and implications for development |
| topic | Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Kapitalmarkt China Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014957492&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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