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The Analysis Of The Institutional Risk In China Stock Market

Posted on:2004-03-18Degree:MasterType:Thesis
Country:ChinaCandidate:L LuoFull Text:PDF
GTID:2156360092493257Subject:Political economy
Abstract/Summary:PDF Full Text Request
There are massive Uncurrent State-Owned Equity in the equity structure of China listed enterprises, which has already caused the distortion of enterprise governing structure and the advisability of resource disposition and so and. However, the major reason generating this phenomenon lies in the institutional risk existing in the China stock market set up in the period of economy transformation. After more than ten years' accumulation, the contradiction between government-oriental institutional arrangement and the stock market's inner-developing rules is more and more incompatible. The reform of stock market's institution has seriously lagged with the step of Chinese economic system reform, and becomes the key factor which bounds economic potential tapped. From the influence analyze of stock market's micro-structure, the presence and reinforcement of institutional risk are not benefit to improving the listed enterprises' inner-governance structure, and also do harm to break the expectation to institutional law which exists in players who participate in the game. Hence facing the historical chance and challenge after joining in WTO and deeply opening the capital market, to research and remove institutional risk becomes the key step to the China stock market deepened reform.The whole thesis consists of four chapters. In chapter 1, directly addresses institutional risk's meanings, classification, manifesting forms, and origin. In chapter 2 and chapter 3, a detailed analysis of institutional risk in China stock market has been done, explicates how the institutional risk influences the macro-economy and stock market's microstructure from internal and external aspects of institutional risk respectively. In chapter 4, designates the imminence of controlling the institutional risk of China stock market, and points out some measurements to evade and settle the institutional risk of China stock market.
Keywords/Search Tags:Stock Market, Institutional Risk, Recessive Collateral Contract
PDF Full Text Request
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