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1、HINESEJ)T0CKARKETSAResearchHandbookT>ongweiSuC)H%jp%SES)T0CKM)ARKETSThispageisintentionallyleftblankC)HtJC%SEIs)T0CK:M)ARKETSAResearchHandbook(DongweiSuDepartmentofFinanceJiNanUniversity,Chinav>•*WorldScientificNewJersey•London•Singapore•HongKongPublishedbyWorldScientificPublishingCo.Pte.Ltd.5T
2、ohTuckLink,Singapore596224USAoffice:Suite202,1060MainStreet,RiverEdge,NJ07661UKoffice:57SheltonStreet,CoventGarden,LondonWC2H9HELibraryofCongressCataloging-in-PublicationDataSu,Dongwei.Chinesestockmarkets:aresearchhandbook/DongweiSu.p.cm.Includesbibliographicalreferencesandindex.ISBN9810245122(
3、alk.paper)1.Stockexchanges-China.2.Stocks-China.3.Securities-China.I.Title.HG5782.S82003332.64'251-dc212002033184BritishLibraryCataloguing-in-PublicationDataAcataloguerecordforthisbookisavailablefromtheBritishLibrary.Copyright©2003byWorldScientificPublishingCo.Pte.Ltd.Allrightsreserved.Thisbook
4、,orpartsthereof,maynotbereproducedinanyformorbyanymeans,electronicormechanical,includingphotocopying,recordingoranyinformationstorageandretrievalsystemnowknownortobeinvented,withoutwrittenpermissionfromthePublisher.Forphotocopyingofmaterialinthisvolume,pleasepayacopyingfeethroughtheCopyrightCle
5、aranceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,USA.Inthiscasepermissiontophotocopyisnotrequiredfromthepublisher.PrintedinSingaporebyWorldScientificPrinters(S)PteLtdtoJinyuSu,YuandeLinandDongyangSuVThispageisintentionallyleftblankPrefaceThecommercializationofstate-ownedenterprisesanddevelopm
6、entofstockmarketsinChinaduringthepastdecadehavebeenimpressivebyanystandards.AsoftheendofOctober1999,stockmarketsinShenzhenandShanghaihad930companieslisted,withamarketcapitalizationofUS$340billionorabout30%ofGDP,approximatelythesameasthatofSingapore,Thailand,MalaysiaandIndonesiaputtogether.There
7、arenow38millionindividualstockholders,secondinnumberonlytotheUS.Arelativelycompletesecuritieslegalframeworkhastakenitsinitialshape.Inaddition,thereare43H-sharesand42RedChipslistedintheHongKongstockexchange,withamarketcapitalizatio
