 |
English
|
正體中文
|
简体中文
|
Post-Print筆數 : 27 |
全文筆數/總筆數 : 115256/146303 (79%)
造訪人次 : 54528129
線上人數 : 16
|
|
|
資料載入中.....
|
請使用永久網址來引用或連結此文件:
https://nccur.lib.nccu.edu.tw/handle/140.119/47429
|
題名: | The Information Environment of China`s A and B Shares: Can We Make Sense of the Numbers? |
作者: | 吳安妮 Abdel-khalik, A.Rashad;Wong, Kie Ann;Wu, Annie |
日期: | 1999 |
上傳時間: | 2010-10-22 23:54:19 (UTC+8) |
摘要: | In 1990, three stock exchanges were opened in Shanghai, Shenzhen and Beijing. Partial privatization of China`s enterprises began with offering two types of shares: A shares are sold only domestically to locals and are denominated in local currency; B shares are denominated in dollars and are sold only to foreign investors. All listed firms offer A shares, but to qualify for offering B shares, the firm must prepare financial statements in accordance with International Accounting Standards and also meet other requirements. Firms issuing A shares only adopt domestic accounting regulations.
As a way of generating capital funds, market segmentation has been a success. Both types of shares, however, have two different information environments. The environment of A shares appears to be dominated by local regulations and customs at the time of offering or trading. The information environment of A shares appears to be relatively unstructured and is affected by informal communication between various groups. Other than the roles played by state officials and appointed managers, external monitoring of A shares appears to be limited. Independence and social acceptance of auditing appear to be making slow progress, especially when the majority of domestic CPA firms are government owned. In contrast, the information environment for the B shares is more structured because (1) financial reporting adheres to International Accounting Standards, (2) financial statements are audited by CPA firms with international practice; and (3) foreign investors — mainly large financial institutions — also act as external monitors.
We elaborate on the differences between these two information environments and suggest that accounting earnings and A share prices are not correlated, but earnings and share prices are correlated for B shares. In an event-study approach, we find results inconsistent with both hypotheses — for 1994 and 1995 we find that earnings and unexpected returns are correlated for A shares but not for B shares. The high price volatility, the significant and continuing dominance of government officials, and the thinness of trade in B shares are offered as possible explanation for these results. |
關聯: | The International Journal of Accounting,34(4),467-489 |
資料類型: | article |
DOI 連結: | http://dx.doi.org/10.1016/S0020-7063(99)00039-4 |
DOI: | 10.1016/S0020-7063(99)00039-4 |
顯示於類別: | [會計學系] 期刊論文
|
文件中的檔案:
檔案 |
描述 |
大小 | 格式 | 瀏覽次數 |
467489.pdf | | 169Kb | Adobe PDF2 | 1110 | 檢視/開啟 |
|
在政大典藏中所有的資料項目都受到原著作權保護.
|
著作權政策宣告 Copyright Announcement1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.
2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(
nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(
nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.