Structural Changes in Chinese Stock Market: A Review of Empirical Research
China Accounting and Finance Review, 2014, Forthcoming
33 Pages Posted: 10 Apr 2014
Date Written: April 5, 2014
China’s stock market has gone through major structural changes since its inception in early 1990s. In this survey article, we review the empirical literature that document these important structural changes and published in 15 leading accounting and finance journals from 1998 to 2013. In analyzing this literature we focus on the ‘distinctiveness’ of Chinese stock market compared with developed stock markets (e.g., U.S) and the research opportunities generated by the China setting. Key themes include China’s share issue privatization reforms, the political connections in private owned companies, 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.
Keywords: China, Stock Market, Structural Change, Corporate Governance, Financial Accounting, Auditing, Executive Compensation, Financial Reporting
JEL Classification: D82, D86, G21, G30, G34, G38, M40, M41, M50, M52, M55
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