| It is undoubted that China Security Market has developed very rapidly and made great contribution to SOE Reform since its establishment. At the same time, series of phenomenon out of line predict the degree of standardization is very low. Given the fact that Security Market becomes more and more important, it is indispensable and important to study its performance as well as the cause. More study has been made on this subject and lots of fruit has been attained, but we think foregone studies are scattered totally and especially there is no work which lucubrates the performance of Security Market as well as the cause systemically and strategically. So, from the angle of institutions, this paper analyzes the performance of China Security Market. To strengthen the persuasion of conclusion, this paper bands theoretical means and empirical means together, with the logical order as following, "elementary empirical study -"problem - theoretical analysis - farther empirical study - theoretical sublimation - conclusion and suggestions". The paper also outlines the picture of framework of institutions as well as performance of China Security Market. The paper concretely includes six parts as following.The first part, or the first chapter, explains concepts involved in the paper, summarizes research background, aim, methods, technical course, innovation, and deficiency etc, and puts forward some important presupposition as the base of farther research.The second part, or the second chapter, compares microcosmic performance of three kinds of listed companies and institutional structure in three markets to look for one good cut-in point, based on the basic fact of market division among A-share, B-share and H-share. Our basic presupposition is that the similar performance should be determined by similar institutional structure and the different performance by different institutional structure. The conclusion is that on the one hand, microcosmic performance of three kinds of listed companies presents the same trends; on the other hand, the institutional structure similarly includes three institutional arrangements, namely Double-orbit Circulation, Plan & Control of listing Resources, and STPT institutional arrangement. It is very possible that three institutional arrangements are the foundation stone of the low performance of Security Market.The third part, including the third, the forth and fifth chapter, is the main part of theoretical analyses in this paper. Based on the cut-in point given by the second part, the third part stresses the analysis to institutional structure as well as performance structure. Firstly, the institutional environment and difficulty of SOE Reform are recurred. Secondly, based on one simulative model of SOE Reorganization, the paper analyzes the origin of Double-Orbit Circulation and points out it can be regarded as "Same Shares with Different Rights", which brings out profound effect to the whole performance structure of Security Market. In the forth chapter, thepaper mainly analyzes the origin of the Trinitarian System of our Security Market, outlines the picture of framework of institutions as well as performance of China Security Market, and gives an explanation on performance of listed companies from angle of corporate governance. In the following chapter, the reform of Security Markets is discussed as well as its performance, including some hot topics, such as the induction of State-Owned Shares, opening of B-share Market, issue-pricing reform and MBO etc. Although the study didn't reach every aspect of a matter, the paper gradually touches ground of institutions, namely the relation between fairness and efficiency.The forth part, including the sixth and seventh chapter, is main part for empirical study. It is not only father complementarities to performance structure but also father confirmation to theoretical fruits. In the sixth chapter, the paper focuses on tests of EMH. Based on similar stages, our test includes A-share, B-share, and H-share with the means of product... |
PDF Full Text Request