Reforming China's Capital Market (Volume 1)

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The capital market in China has been developing for over 20 years. Over this period, both its external factors and internal structure have changed dramatically. The capital market, which is supposed to be the barometer of China's economy, is drifting away from the real economy. To approach this topic, pioneering researcher in China's securities theory Wu Xiaoqiu, along with a team of scholars on China's financial economics, presents a thorough investigation of the volatile but booming capital market in China and calls for a further reform of the capital market. Reforming China's Capital Market examines the system, regulations, and policies of China's capital market against the standards of an international financial center, the functional role of a modern financial system and capital market, and characteristics that are unique to China. This series consists of 10 chapters, each covering an aspect of the capital market in China. It also offers studies of prominent cases of trading irregularities in China over the past 20 years, as well as suggestions on future policy reforms such as setting up market watchdogs in order to deter unfair trading. Volume 1 touches upon the issues of IPOs, stock listing and trading, M&As, and restructuring, and increasing, decreasing, and repurchasing of holdings by major shareholders and senior management. It looks to find answers to the following questions: What are the focuses and difficulties in reforming the stock issuance system? How to improve market liquidity? How to raise the allocation efficiency of stock resources? How to maintain transaction fairness and market equilibrium?