股票市场与经济讲述.ppt

Shenzhen Stock Exchange Type: stock exchange Location: Shenzhen, China Founded: December 1, 1990 Currency: RMB Market Cap: US $1 trillion (Aug, 2010) Volume: US $2.7 trillion (Dec, 2009) Indexes: SZSE Component Index Website: ￥ * Shanghai Stock Exchange Type: Stock Exchange Location: Shanghai, China Founded: 1891 Currency: RMB Market Cap: US $2.4 trillion (Aug, 2012) Volume: US $0.5 trillion (Dec, 2009) Index: SSE composite, SSE180, SSE50 Website: ￥ Similarities Trading Hours Monday to Friday Time Activity 09:15-09:25 Centralized competitive pricing 09:30-11:30 Consecutive bidding 13:00-15:00 ￥ Similarities Structure Type Currency Investors A shares Renminbi Domestic B shares Foreign Currency Domestic Foreign Foreign ￥ How to Buy Stock in China ￥ Step 1 Open a suitable trading account with a broker However, mainland Chinese stock exchanges categorize stocks as Class A or Class B, and foreigners can only trade in Class B stocks ￥ Apply for and get at least a temporary residency visa for Hong Kong or Macau. step 3 Open an account with a brokerage that does business on the Hong Kong Stock Exchange. Step 2 Step3 ￥ Download and complete either the Individual or Joint Investor Form, as well as the Debit Authorization Form. Transfer funds from your home bank to the Hong Kong account. Step 4 Step 5 ￥ Problems of  Chinese stock market ￥ Problems of  Chinese stock market ￥ Problems speculation more than investment unstable (turnover rate) unpredictable (professor LANG’s comments) waste of the capital separated from the real economy (policy leading) ￥ Reasons Immature market system planned economy to market economy unsuitable old management methods Imperfect supervision system information asymmetry no strict de-listing rules ￥ 道琼斯指数 Dow Jones Industrial Average Index: An index based on the sto