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基本説明
Presents a timely, often controversial discussion of the ways China's emerging financing models are outperforming the West and what this means for the future.
Full Description
The promise and perils of Chinese stocks in American stock markets Betting on China takes readers on an illuminating journey into the often confusing and poorly understood world of Chinese stock issuances in America. With insightful qualitative and quantitative analysis, it looks at the phenomenon of equity and capital exchanged between the world's two largest economies and the implications for global finance. Written in an accessible narrative style and amply supported by hard data, the book examines the context and underpinnings of the Sino-American equity relationship, revealing its core dynamics through real-world case studies that range from the precedent-setting blockbuster IPO of China Mobile to the near breakdown of the U.S.-China equity exchange mechanism brought about by short seller attacks on Chinese concept stocks. Combining an insider's eye with an outsider's objectivity, American born author and Beijing-based consultant Robert Koepp explores the reasons and the means by which China, America, and the global economy reap enormous gains from the process of Chinese companies issuing equity shares on U.S. stock markets.Betting on China exposes the complexities and nuances of a vital but underappreciated pillar of modern international finance and offers a window into China's role as a dominant but still modernizing economic superpower. * Analyzes on a macro- and microscale the forces that move Chinese companies to raise capital on NASDAQ and the New York Stock Exchange and what this means for the world at large * Explores the real stories behind why and how China-based enterprises develop as public companies listed in the United States and why government regulations need to work in support of and not against this force of market nature * Shows that the "betting" on China that occurs through the U.S. equity market exchanges is critical for getting an accurate picture of China's position and prospects in our interactively connected global economy Detailed but accessible, Betting on China is essential reading for global finance professionals, policymakers and regulators, students of finance, people doing business in China, and anyone curious about China's place in and impact on the global economy today and in the years to come.
Contents
Acknowledgments xi Preface xv Chapter 1 Wagers of the DanceChina, America, and the Interplay of Public Equity 1 A Hierarchy of Financial Footwork 1 IPOs for Cash-out and Cash-in 5 A Ground-Level View 7 U.S. China Issuances Measuring Up 22 Chapter 2 Realities, Theories, and Gung Ho: The Ying and Yang of Chinese Issuances 25 The China Wave 25 Big-Stakes Games 28 Ying Yang IPOs 32 Market Detente 35 Breaking Molds 40 Adam Smith's China Bet 42 Gains, Rules, and Risks 44 Information versus Noise 46 Real "Gung Ho" 48 Chapter 3 China Mobile: The Big Bet 51 First Dish in an IPO Banquet 53 Birth in a Maelstrom 57 Ripple Effects 60 Assimilating Global Standards 62 Of Men and Governance 66 Red Chip Scare 68 Spillover Effects 71 Quantity, Banditry, and Quality 75 New Generations, New Markets 78 Nothing and Everything 81 Chapter 4 Spreadtrum Communications: When the Chips Are Down 85 Stirring the Waters 87 The Basic Spreadtrum Story 92 Leading a New Chinese Industry 96 Pulling Back from the Brink 98 Shortsighted Shorting 101 Shorts Caught Short 105 Chapter 5 Calling the Bluff: Truths, Fictions, and CRMs 109 Initial Misgivings 111 In Through the Back Door 113 Dawn of the CRM Dread 116 A Short Love Affair for CRMs 119 Unaccountable Accounting 123 The Din of CRM Noise 125 A Reversal for RM Overhype 128 Chapter 6 Longtop Financial: The Costs of Dirty Dealing 133 The Longtop Shocker 133 A Fallen Icon 137 Deception's Depths 139 A China Problem? 142 New Stakes in the Game 145 The SEC's Big Bet 148 Upping the Ante 150 Beyond the Brink? 155 Chapter 7 Continuing the Bet: Accountability and Adaptability 161 Evolving Accountability 161 The Adaptability Challenge 163 Appendix 167 Notes 187 About the Author 199 Index 201
