NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Assessing China's Top-Down Securities Markets

William T. Allen, Han Shen

Chapter in NBER book Capitalizing China (2013), Joseph P. H. Fan and Randall Morck, editors (p. 149 - 195)
Conference held December 15-16, 2009
Published in November 2012 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

This chapter analyzes China's securities markets both in terms of their size and composition, and in terms of their economic function and importance to the Chinese economy. In so doing, it assesses the regulatory regime within which these markets function and the corporate governance mechanisms that operate upon the firms listed on the Chinese stock exchanges. The chapter concludes with observations concerning the fundamental contradiction between the Chinese securities markets' top-down design and control on the one hand and, on the other, their possible effectiveness in efficient capital allocation, risk management, and as a tool of discipline.

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This paper was revised on May 30, 2014

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This chapter first appeared as NBER working paper w16713, Assessing China's Top-Down Securities Markets, William T. Allen, Han Shen
Commentary on this chapter: Comment, Qiao Liu
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