中国的私有化：股票市场和他们在公司重组中的角色 PRIVATIZING CHINA 下载 网盘 kindle mobi 115盘 pdf pdb rtf

Much is written about the various efforts aimed at reforming China’s state-owned enterprises. But in all this literature the Chinese government’s determined effort to use the equity capital markets as a tool of enterprise reform has been virtually ignored. The fact is that during the past decade this has been, and will continue to be, the principal thrust with regard to the reform of state-owned enterprises. On-again, off-again, noises about bankruptcy, M&A solutions and asset management companies are only sideshows in the process.

Preface

List of Figures

List of Tables

List of Boxes

List of Abbreviations

Chronology

1. "You're None of Those!"

2. How China's Stock Markets Came to Be

The evolution of the Shenzhen and Shanghai securities markers

Original sturcture of the Shanghai and Shenzhen exchanges

The Stock Exchange Execuuve Council and the electronic markets

The Regional trading centers

The auction houses

The Third Board

3. Who Minds the Fox: The Regulators

The PBOC:Market player or market regulator?

Buliding the CSRC

The internationalizationof the CSRC

The Stock Exchange of Hong Kong goes to the top

The CSRC s domestic struggle

Regulatory philosophy

The DCSRC takes the initiative

4. Defining Ownership: Share Types

Shares of what?

The 1992Standard Opinion

The 1994 Company Law

Listed company shares

The 1999Securities Law

5. Packaging SOEs: Restructuring and Listing

Evolution of Chinese corporate law

How to package an SOE

Corporate restructuring for intemational listing

6. The Fortunate Few: Listed Companies

Who decides who lists?

International pricing

A-share pricing

Analysis of listed companies

A note on private companies

7. Where Have All the (Retail) Investors Gone?

How many investors?

Who are China s investors?

8. Sliced and Diced: China's Segmented Stock Markets

Segmented markets

Is there a comparny value?

Economic inefficiencies of segmented markets

The path not taken

Trying to merge the markets

Circles of ownership

Privatization with Chinese charactreistics?

9. The 10-year Bull Market

China s bull markets

Fund index performance

The forgettable B share

Taking the markets measre

10. Looking Ahead 10 Years: Divvying Things Up

Appendices

Endnotes

Select Biblography

Index

Carl E. Walter is a Managing Director of JP Morgan and Chief Operating Officer of its China businesses. Prior to joining JP Morgan in 2001, Mr. Walter was a Managing Director and member of the Management Committee of China International Capital Corporati

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书籍介绍

Much is written about the various efforts aimed at reforming China’s state-owned enterprises. But in all this literature the Chinese government’s determined effort to use the equity capital markets as a tool of enterprise reform has been virtually ignored. The fact is that during the past decade this has been, and will continue to be, the principal thrust with regard to the reform of state-owned enterprises. On-again, off-again, noises about bankruptcy, M&A solutions and asset management companies are only sideshows in the process.

Carl E. Walter is a Managing Director of JP Morgan and Chief Operating Officer of its China businesses. Prior to joining JP Morgan in 2001, Mr. Walter was a Managing Director and member of the Management Committee of China International Capital Corporation. He was Chief Representative in Beijing for Credit Suisse First Boston from 1993-8. During his decade in China, Mr. Walter has participated in a number of pathbreaking international and domestic share listings and debt issues for Chinese companies, banks and the Ministry of Finance. He holds a PhD from Stanford University and a graduate certificate from Beijing University.

Fraser Howie is an independent financial analyst located in Beijing. Over the past ten years he has worked in Hong Kong trading equity derivatives at Bankers Trust and Morgan Stanley. After moving to China in 1998 he worked in the Sales and Trading Department of China International Capital Corporation then with a domestic retail financial services company and most recently with China M&A Management Company.