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ID: 110053

China's stock market: progress, plans, and prospects / Vakhrushin, I

Vakhrushin, I	Journal Article
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Publication	2011.
Summary/Abstract	The author looks at the advance China's stock market made in the 11th five-year plan period (2006-2010), examines the effect the worldwide financial crisis had on China's stock market, and describes the major initiatives carried through by the China Securities Regulatory Commission (CSRC) to improve operation of China's stock market.

Key Words

World Financial Crisis ; China's Stock Market ; Market Capitalization ; Qualified Investors

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ID: 143435

Political connections and access to IPO markets in China / Li, Guoping; Zhou, Hong

Zhou, Hong	Article
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Summary/Abstract

Using hand-collected data on IPOs by private-owned enterprises, this article examines the regulatory benefits of political connections in China's state-controlled going public process, a subject that has rarely been investigated in existing literature. This article makes the following findings: first, political connections have significant positive impact on enterprises' chances of being approved for IPOs; second, enterprises with political connections are significantly more likely to receive preferential treatments (e.g., higher offering price-to-earning ratio) from regulatory authorities; third, enterprises with political connections are significantly less likely to be selected for pre-IPO on-site auditing by regulatory authorities. The findings of this article may provide answer to the question why China has been so reluctant to adopt disclosure-based regulatory regime as well as insights into the puzzle of the consistent poor performance of China's stock markets.

Key Words

IPO ; China's Stock Market ; Political Connections ; Private-Owned Enterprise ; Regulatory Benefits of Political Connections

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