中国资本市场手册

!#IssuedbyTheHongkongandShanghaiBankingCorporationLimited.China'sCapitalMarketsHandbookDecember2002China’sCapitalMarketsHandbook!#AcknowledgementsTheauthorofthishandbookwouldsincerelyliketothankofficersattheChinaSecuritiesRegulatoryCommission,theChinaDevelopmentBankandtheMinistryofFinancefortheirusefulobservationsontheearlydrafts.AdditionalthanksshouldbeextendedtoHSBCstaffinBeijing,ShanghaiandtheHKSARfromthedepartmentsofTreasury,Economics,PublicAffairs,InvestmentBankingandCommercialBanking.SpecialthanksshouldalsobegiventoMrKangJianforhissteady,dedicatedandprofessionalcommitmenttotheproject.感謝：本書的作者對財政部，中國証券監督管理委員會和國家開發銀行的官員最初給于本書的關注和建議表示誠摯的謝意。另外還要感謝在北京、上海和香港特別行政區匯丰的財資、經濟、公眾事務、投資銀行和商業銀行的同事們。特別要感謝康健先生對這一項目專業的，自始至終的支持。China’sCapitalMarketsHandbook!#ChapterIOverview1ChapterIICashMarkets18ChapterIIIBondMarkets34ChapterIVEquityMarkets61Appendix84目錄第一章綜述95第二章現幣市場111第三章債券市場126第四章股票市場153附錄174ContentsEconomistDavidSetoCH861065260901619CH–[e-mail]&KLQD¶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¶V$FFHSWDQFH0DUNHW7DEOH1DWLRQDO,QWHUEDQN0RQH\0DUNHW7XUQRYHU7DEOH,QWHUEDQN0RQH\0DUNHW5DWHV7DEOH1DWLRQDO,QWHUEDQN%RQG5HSRDQG6SRW7XUQRYHU7DEOH,QWHUEDQN5HSXUFKDVH5DWHV&KDUW)RUHLJQ([FKDQJH7XUQRYHULQ&KLQD86'P7DEOH50%UHYHQXHVDQGH[SHQVHVSHUPLWWHGXQGHU4),,&KDSWHU,,,%RQG0DUNHWV&KDUW'RPHVWLF%RQG0DUNHWVDQG3DUWLFLSDQWV&KDUW2XWVWDQGLQJ$PRXQWVRI2QVKRUH)XQGLQJ6RXUFHV50%WUQ7DEOH3HUFHQWDJH%UHDNGRZQRI)XQGLQJ6RXUFHV7DEOH&$*5RI2XWVWDQGLQJ'HEW7DEOH,VVXDQFH$PRXQWVIURP'LIIHUHQW)XQGLQJ6RXUFHV7DEOH2XWVWDQGLQJ'RPHVWLF'HEW7DEOH2XWVWDQGLQJ'RPHVWLF'HEWEUHDNGRZQ7DEOH,VVXDQFHRI%RQG)XQGLQJ6RXUFHV7DEOH0LQLVWU\RI)LQDQFH%RQGV,VVXHG-DQ2FW7DEOH&KLQD'HYHORSPHQW%DQN%RQGV,VVXHG-DQ2FW7DEOH([SRUW,PSRUW%DQN%RQGV,VVXHG-DQ2FW&KDUW&RUSRUDWH%RQG0DUNHW$FWLYLW\50%EQ7DEOH9DOXHRI7XUQRYHULQ'HEW0DUNHWV7DEOH'HEW/LVWHGRQWKH6KDQJKDL6WRFN([FKDQJH1RYHPEHU/LVWRIWDEOHV FKDUWV&KLQD¶V&DSLWDO0DUNHWV+DQGERRNABC/LVWRIWDEOHV FKDUWV7DEOH'HEW/LVWHGRQWKH6KHQ]KHQ6WRFN([FKDQJH1RYHPEHU7DEOH.H\5HJXODWRU\'HYHORSPHQWVLQ'RPHVWLF'HEW0DUNHW7DEOH$XWKRULVHG3OD\HUVLQWKH3URIHVVLRQDO0DUNHW6HSWHPEHU7DEOH7RS3OD\HUVLQ3URIHVVLRQDO%RQG0DUNHW7DEOH3ULPDU\8QGHUZULWHUVRI7UHDVXU\%RQGV7DEOH3ULPDU\8QGHUZULWHUVRI&'%ERQGV7DEOH3ULPDU\8QGHUZULWHUVRI([SRUW,PSRUW%DQN%RQGV7DEOH/HDGLQJ35&'HEW8QGHUZULWHUV7DEOH6HOHFWHG35&&UHGLW5DWLQJ$JHQFLHV&KDSWHU,9(TXLW\0DUNHWV7DEOH0DUNHW&DSLWDOLVDWLRQRI/RFDO(TXLWLHV7DEOH0DUNHW&DSLWDOLVDWLRQRI0DUNHWDEOH(TXLWLHV7DEOH&$*5RI(TXLW\0DUNHW&DSLWDOLVDWLRQ7DEOH&DSLWDO5DLVHGWKURXJK(TXLWLHV7DEOH7XUQRYHU9DOXHRI(TXLW\0DUNHWV7DEOH&ORVHGDQG2SHQHQGHG)XQGV'DWD1RY7DEOH6HOHFWHG.H\5HJXODWRU\'HYHORSPHQWVLQ35&(TXLW\0DUNHWV&KDUW&65&2UJDQLVDWLRQDO&KDUW7DEOH3(5DWLRVRI6KDUHVRQ/RFDO([FKDQJHV7DEOH/LVWRI0DLQ6WRFN8QGHUZULWHUV$SSHQGL[3HUIRUPDQFHRI/RFDO(TXLW\0DUNHWVLQ50%-DQ3HUIRUPDQFHRI/RFDO(TXLW\0DUNHWVLQ86'-DQ3HUIRUPDQFHRI&KLQHVHDQG86(TXLW\0DUNHWVLQ86'-DQ+LVWRULFDO86'5HWXUQVDQG6WDQGDUG'HYLDWLRQVIRU'LIIHUHQW3HULRGV&RUUHODWLRQRI50%0RQWKO\5HWXUQVRQ6KDQJKDL6XE,QGLFHV-XQ2FW/RFDO,QWHUHVW5DWH/HYHOV,QVXUDQFH)LUPV)XQG&XVWRGLDQVHQG6KHQ]KHQ0DUNHW&DSDQG7XUQRYHU50%EQ6KDQJKDL([FKDQJH0DUNHW&DSDQG7XUQRYHU50%EQ/RFDO%RQG0DUNHW,QGH[$QG7UDGLQJ9ROXPH50%P/RFDO(TXLW\DQG%RQG5HWXUQVLQ50%-XO\6HOHFWLRQVIURP3URYLVLRQDO0HDVXUHVRQ$GPLQLVWUDWLRQRI'RPHVWLF6HFXULWLHV,QYHVWPHQWVRI4XDOLILHG)RUHLJQ,QVWLWXWLRQDO,QYHVWRUV4),,&KLQD¶V&DSLWDO0DUNHWV+DQGERRNABC'HFHPEHU4'XULQJWKH&$*5RI&KLQD¶VFDSLWDOPDUNHWVZDVRYHUPRUHWKDQWKUHHWLPHVIDVWHUWKDQ*'3JURZWK45HJXODWRU\UHIRUPVRIWHQVHHPVORZDQGXQQHFHVVDULO\FRPSOLFDWHGERJJHGGRZQE\&KLQD¶VFXVWRPDU\FRQVHQVXVGHFLVLRQPDNLQJSURFHVV4%XWEOLQN\RXUH\HVDQG\RXZLOOPLVVRQHRI