中国的私有化：股票市场和他们在公司重组中的角色 PRIVATIZING CHINA 在线下载 pdf mobi 2025 epub 电子版

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.

• 作者：落下的乌鸦 发布时间：2012-02-28 01:36:46

  06年出了第二版了

• 作者：隔壁老王 发布时间：2013-08-28 19:51:28

  感觉比red capitalism写得好，总结了很多改革中的过失，特别是开始改革时的目标和结果相去甚远，为了避免国有资产流失搞了个国有股、法人股，不搞全流通，结果反而阻碍了融资，造成一系列连锁问题，连个真实的市值都算不出来。股改老是强调中国特色，中国国情，也算是种瓜得瓜，真的种出来个中国国情，中国怪胎~

• 作者：Katherine 发布时间：2021-12-30 12:20:14

  借此标注shanghai,shen dong

• 作者：金霞五林笑阅 发布时间：2019-01-14 22:15:43

  这是我第一本用粤语来阅读的书。一本很生动形象描绘资本市场的书。对于深刻理解经济社会有很好的启发作用。让人突然感悟于生活中离不开经济学，感叹于经济问题与日常生活密不可分。但是看了本书，会产生股票市场中散户根本没得玩的感觉，因为实体经济我们接触不到，也没有专业知识去支撑，在股票市场价格完全是数据处理游戏，账务会被粉饰，业绩全凭故事，卷商太会演戏，不同行业的发展会有虚弱空之症。股票市场，更多的是在猜人性，反人性思维，要判断是顺别人的想法还是反而为之……净利润毛利率要看成本，要考虑隐性成本。利润要看管理费用会占用多少，管理费用是很多公司特别是国内公司一个很大的缺点。一切太过复杂。看完一次没有办法深刻在脑海中形成自己系统的记忆，边看边对主要观点做择角记录，拍照留存观点二十多页。有待再消化再深刻分析。

• 作者：Kal-El 发布时间：2022-07-11 08:56:02

  孤傲的海上花。

• 作者：心之武 发布时间：2016-12-14 23:43:47

  推荐版本，诗词附带了化用诗句、历代评论和与诗相关史实，没直接给出白话翻译，既方便又不多余

• thorough, insightful, in-depth

  作者：amber 发布时间：2008-04-14 02:06:22

  indispensable reading for those who wish to understand china's stock market

• “一战”不仅仅是打了一场战争

  作者：星空 发布时间：2019-02-11 10:33:30