A study on non-tradable shares in China's listed firms : history, problems and reforms | |
| Author | Muyu, Chen |
| Call Number | AIT RSPR no.SM-05-98 |
| Subject(s) | Stocks--China Stock companies--China |
| Note | A research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration, School of Management |
| Publisher | Asian Institute of Technology |
| Series Statement | Research studies project report ; no. SM-05-98 |
| Abstract | Since its inauguration, China's stock market had experienced an enormous development. Nonetheless, in recent years, contrast to China's phenomenal economic growth, the Chinese stock market has been continuous ranked as one of the worst performing markets in the world. Many contributed it to the existence of the non-tradable shares: about two thirds of the shares in China's listed firms are not allowed to float in the stock exchanges. The huge proportion of non-tradable shares had been the cause for many deep-rooted problems in China's stock market. Aware of this long-lasting problem, the regulators undertook several reform attempts to solve this headache. Those attempts turned out with mixed results and the outlook of the non-tradable shares is still uncertain. This research paper is aimed to gain a deep understanding of the non-tradable shares issue in China's stock market. The author firstly examined the history of the state-owned enterprise reform in China and its contribution to the formation of non-tradable shares. Then several major problems caused by the non-tradable shares were reviewed. Finally the author reviewed the two major reform attempts initiated by the Chinese government: the off-exchange transfer of non-tradable shares and the current split share structure reform. At the end of the paper, the author predicted the outlook of these reforms and gave some recommendations for future research work. |
| Year | 2005 |
| Corresponding Series Added Entry | Asian Institute of Technology. Research studies project report ; no. SM-05-98 |
| Type | Research Study Project Report (RSPR) |
| School | School of Management (SOM) |
| Department | Other Field of Studies (No Department) |
| Academic Program/FoS | Master of Business Administration (MBA) (Publication code=SM) |
| Chairperson(s) | Tang, John C.S. |
| Examination Committee(s) | Singha Chiamsiri; Zimmermann, Willi |
| Scholarship Donor(s) | Government of New Zealand |
| Degree | Research report (M.Sc.) - Asian Institute of Technology, 2005 |