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An Analysis of the Chinese Stock Market

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An Analysis of the Chinese Stock Market AN ANALYSIS OF THE CHINESE STOCK MARKET Lin (Linda) Wang B.B.A., Trinity Western University, 2004 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF ARTS In the Faculty of Business Administration Financial Risk Management Program O Lin (Linda) Wang 2006 SIMON FRASER UNIVERSITY Summer, 2006 All rights reserved. This work may not be reproduced in whole or in part, by photocopy or other means, without permission of the author. APPROVAL Name: Lin (Linda) Wang Degree: Master of Arts Title of Project: AN ANALYSIS OF THE CHINESE STOCK MARKET Supervisory Committee: Dr. Geoffrey Poitras Senior Supervisor Professor of Business Administration Dr. Hemant Merchant Supervisor Associate Professor of Business Administration Date Approved: SIMON FRASER UNIWRS~ibrary DECLARATION OF PARTIAL COPYRIGHT LICENCE The author, whose copyright is declared on the title page of this work, has granted to Simon Fraser University the right to lend this thesis, project or extended essay to users of the Simon Fraser University Library, and to make partial or single copies only for such users or in response to a request from the library of any other university, or other educational institution, on its own behalf or for one of its users. The author has further granted permission to Simon Fraser University to keep or make a digital copy for use in its circulating collection, and, without changing the content, to translate the thesislproject or extended essays, if technically possible, to any medium or format for the purpose of preservation of the digital work. The author has further agreed that permission for multiple copying of this work for scholarly purposes may be granted by either the author or the Dean of Graduate Studies. It is understood that copying or publication of this work for financial gain shall not be allowed without the author's written permission. Permission for public performance, or limited permission for private scholarly use, of any multimedia materials forming part of this work, may have been granted by the author. This information may be found on the separately catalogued multimedia material and in the signed Partial Copyright Licence. The original Partial Copyright Licence attesting to these terms, and signed by this author, may be found in the original bound copy of this work, retained in the Simon Fraser University Archive. Simon Fraser University Library Burnaby, BC, Canada ABSTRACT With the introduction of a market economy, China is experiencing rapid economic development. As an indispensable component to its economic system, China's stock market came through its initial set-up period, overcame challenges, suffered pains, and is currently progressing towards to an internationalised direction. However, its immaturity hinders its continuous development and the country's economic expansion. This paper focuses on the status quo of Chinese stock market and centres on problems that have greatly contributed to the capital market's inefficiency. With its main objective, this paper begins with a brief introduction of Chinese stock market. Then, it analyses Chinese stock market's fundamental problems of its structure, shares, regulations, and listed companies. Next, regulations and key solutions to the problematic market are presented. Finally, the paper ends with general suggestions on Chinese stock market's further development direction. Keywords: Chinese Stock Market; Economic System; Tradable and Non-Tradable Shares; Political Impact; Capital Market Regulation DEDICATION I dedicate this project to my parents, my lover-Sanlong, and all my aunts, uncles, and cousins! You will never know how much your lover, support, encouragement, and help meant to me ! ACKNOWLEDGEMENTS Words are inadequate to express my deepest appreciation to my parents: Mr. Dazheng Wang and Mrs. Baoyu Liu. I thank for their selfless, generous, and unrequitable love, endless spiritual, emotional and economic support, and great inspiration and encouragement. I owe you a debt of gratitude for giving me life and for everything you have done for me. In addition special thanks due to my husband, Sanlong Sui, the most important man in my life. Without your love, your care, your tolerance, and your support, I cannot make today's little achievement. And our bright future is waiting for us to explore together. I also would like to take this opportunity to thank my husband's family. I cannot be thankful enough to Dr. Geoffrey Poitras for academic support, invaluable ideas, constructive feedback, and helpful suggestions in the preparation of this project. Many thanks also go to Mr. Dale Flood for his academic support. On the top of that, I have many thanks to Segal Graduate School of Business at Simon Fraser University for its highly qualified faulty, excellent learning environment, abundant academic resources, and advanced didactical equipments. My last thank goes to my knowledgeable, intelligent, and friendly colleagues. It is my real pleasure to know each of you, and you are valuable treasure of my life. TABLE OF CONTENTS .. Approval ..........................................................................................................................................11 ... Abstract ........................................................................................................................................1u Dedication ......................................................................................................................................iv Acknowledgements......................................................................................................................... v Table of Contents ..........................................................................................................................vi ... List of Figures ............................................................................................................................. V~U List of Tables .................................................................................................................................k 1 Introduction.............................................................................................................................. 1 2 Overview of the Chinese Stock Market ................................................................................. 3 2.1 History and Background .................................................................................................. 3 2.2 Major Chinese Stock Exchanges ..................................................................................... 4 2.3 Types of Chinese Stocks ................................................................................................. 6 2.4 Stock Indices ................................................................................................................... 8 2.5 Types of Shares Issued .................................................................................................. 12 2.6 Regulations .................................................................................................................... 13 3 Major Problems in the Chinese Stock Market ....................................................................15 3.1 Investors' Lost Confidence on the Chinese Stock Market ............................................16 3.2 Shares' Illiquidity .......................................................................................................... 17 3.3 Potential Danger of Non-Transferable Shares............................................................... 18 3.4 Conflict of Interests within Listed Companies Owned by Government ....................... 20 3.5 Lack of Hostile Takeover in the Chinese Stock Market ................................................ 20 3.6 Prohibition of Short Selling ........................................................................................... 21 3.7 Inside Trading and Asymmetric Information in the Chinese Stock Market .................. 23 3.8 Drawbacks of Internal Audit System ............................................................................ 34 3.9 Lack of Ethics Code in Listed Companies .................................................................... 36 4 Recent Reformations and new Regulations in the chinese stock market.......................... 39 4.1 New IPO Process ........................................................................................................... 40 4.2 Large-Scale Reformation of State Shares ..................................................................... 42 4.3 Reduction Plan on State Shares..................................................................................... 45 4.4 Amendment of Relevant Acts ...................................................................................... -48 4.5 Other and Further Improvement Plans .......................................................................... 48 5 Conclusion .............................................................................................................................. 50 Appendices .................................................................................................................................... 52 Appendix A All Indices Currently Available in Shanghai Stock Exchange............................ 52 Appendix B Constituents of Hang Seng Index ........................................................................ 53 Appendix C List of H-shares Companies Meeting the Conditions for Inclusion
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