Publication:
The Internationalization of China’s Equity Markets

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dc.contributor.authorCortina, Juan J.
dc.contributor.authorMartinez Peria, Maria Soledad
dc.contributor.authorSchmukler, Sergio L.
dc.contributor.authorXiao, Jasmine
dc.date.accessioned2023-07-18T17:09:03Z
dc.date.available2023-07-18T17:09:03Z
dc.date.issued2023-07-18
dc.description.abstractThe internationalization of China’s equity markets started in the early 2000s but accelerated after 2012, when Chinese firms’ shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms’ equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018.en
dc.identifierhttp://documents.worldbank.org/curated/en/099356306282340403/IDU0f0ff0f0d04f82046a8082990c1666e4a8c78
dc.identifier.doi10.1596/1813-9450-10513
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40029
dc.languageEnglish
dc.language.isoen
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Papers; 10513
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectEQUITY FINANCING
dc.subjectEQUITY ISSUANCE ACTIVITY
dc.subjectEQUITY MARKET LIBERALIZATION
dc.subjectFIRM INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectINTERNATIONAL INVESTORS
dc.subjectSTOCK CONNECT
dc.titleThe Internationalization of China’s Equity Marketsen
dc.typeWorking Paper
dspace.entity.typePublication
okr.crossref.titleThe Internationalization of China’s Equity Markets
okr.date.disclosure2023-06-28
okr.date.lastmodified2023-06-28T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099356306282340403/IDU0f0ff0f0d04f82046a8082990c1666e4a8c78
okr.guid099356306282340403
okr.identifier.docmidIDU-f0ff0f0d-4f82-46a8-8299-c1666e4a8c78
okr.identifier.doi10.1596/1813-9450-10513
okr.identifier.doihttp://dx.doi.org/10.1596/1813-9450-10513
okr.identifier.doihttps://doi.org/10.1596/1813-9450-10513
okr.identifier.externaldocumentum34103969
okr.identifier.internaldocumentum34103969
okr.identifier.reportWPS10513
okr.import.id1140
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099356306282340403/pdf/IDU0f0ff0f0d04f82046a8082990c1666e4a8c78.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryChina
okr.topicInternational Economics and Trade::Foreign Direct Investment
okr.topicInternational Economics and Trade::Trade Finance and Investment
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicPrivate Sector Development::Emerging Markets
okr.unitDECRG: Macroeconomics & Growth (DECMG)
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
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