Which Firms went Public in China? A Study of Financial Market Regulation

被引：33

作者：

Du, Julan ^{[1
]}

Xu, Chenggang ^{[2
]}

机构：

[1] Chinese Univ Hong Kong, Shatin, Hong Kong, Peoples R China

[2] Hong Kong Univ Sci & Technol, Kowloon, Hong Kong, Peoples R China

来源：

WORLD DEVELOPMENT | 2009年 / 37卷 / 04期

基金：

英国经济与社会研究理事会;

关键词：

Asia; China; regulatory decentralization; financial market regulation; IPO firm screening; regional competition; LAW; FORM;

D O I：

10.1016/j.worlddev.2008.07.012

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

Plagued by a notoriously weak legal system, China has developed an alternative governance system based on de facto regulatory decentralization in its financial market development, in which regional governments are responsible for selecting state-owned enterprises (SOEs) to go public. The effect of this regulatory system has been highly controversial but evidence is very scant in the literature. This paper shows that regional governments tended to choose better-performing SOEs in the pre-listing stage to go public, and thus substantial stock market investment funds were channeled into potentially productive companies. China's experience demonstrates that administrative governance of capital markets may have been instrumental in jump starting capital markets in the absence of adequate market-supporting legal institutions. (C) 2009 Elsevier Ltd. All rights reserved.

引用

页码：812 / 824

页数：13