Abstract
China’s stock market has gone through major structural changes since its inception in the early 1990s. In this survey article, we review the empirical literature published in 15 leading accounting and finance journals from 1998 to 2013 that documents these important structural changes. In analysing this literature, we focus on the ‘distinctiveness’ of the Chinese stock market compared with developed stock markets (e.g. US) and the research opportunities generated by the China setting. Key themes include China’s share issue privatisation (SIP) reforms, the political connections in privately owned companies, the characteristics of Chinese listed companies and their governance, the regulatory environment reforms in China, and the evolving role played by auditors and other information intermediaries.
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We thank the Chief Editor Prof C. S. Agnes Cheng, reviewer Louis Cheng, Charles Lee, James Ohlson, Wayne Yu, Nancy Su, and participants at the China Accounting and Finance Review (CAFR) Special Issue Conference, which was held on 6-7 December 2013 in Hong Kong, for their helpful comments on earlier versions of the paper. The authors are responsible for any remaining errors or omissions.
Haitian Lu, Associate Professor, School of Accounting and Finance, The Hong Kong Polytechnic University; email: haitian.lu@polyu.edu.hk. Jiajia Fu, Ph.D candidate, School of Accounting and Finance, The Hong Kong Polytechnic University.
JEL: D82, D86, G21, G30, G34, G38, M40, M41, M50, M52, M55
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Lu, H., Fu, J. Structural Changes in the Chinese Stock Market: A Review of Empirical Research. China Account Financ Rev 16, 6 (2014). https://doi.org/10.7603/s40570-014-0006-2
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DOI: https://doi.org/10.7603/s40570-014-0006-2