![]() ![]() ![]() The approval system, the so-called substantive management principle, is represented by corporate law in all European countries. There are three differences in the IPO system between China and the United States: new share issuance system, the information disclosure system of new shares and the pricing mechanism of new shares.Ĭhina currently adopts the approval system, and the United States adopts the registration system. Comparative Analysis of Chinese and American Stock MarketsĢ.1. ![]() From a macro perspective, the study of the linkage between the stock market index at home and abroad reflects the degree of internationalization of China’s securities market, and it is beneficial for the government to supervise the market and guard against financial risks.Ģ. At the same time, it also helps the listed companies to formulate financing strategies and realize the internationalization of capital. Why do we study the stock market linkage? From the micro level, it helps securities investors to analyze portfolios, make securities pricing, analyze the securities market structure, judge stock market trends, and thus disperse risks and increase portfolio returns. Especially in the 1987, when the stock market crashed in the United States caused a global stock market decline, scholars began to pay attention to the mutual influence of the capital markets between countries. As a “barometer” of macroeconomic, the international stock market has also appeared obvious linkage phenomenon in recent years, and has aroused widespread concern of scholars. With the rapid development of transnational corporations, the speed and scale of international capital flow are increasing rapidly, and the macroeconomic relations among countries in the world are becoming closer and closer, and the macroeconomic development shows a relatively significant correlation. In recent years, the degree of economic integration has gradually deepened, and the form of international division of labor has also undergone major changes. The linkage between the stock market refers to the stock market between different countries which have a common trend, and there is a strong correlation between different market yields and price fluctuations, which makes the different stock market prices to achieve long-term stable trend. It is the result of domestic financial liberalization and financial internationalization. The phenomenon of stock market linkage has become a very important economic phenomenon in the international securities market. With the increase of global economic integration and the increase of international capital flow, the phenomenon of rising and falling of international stock market is becoming more and more obvious. China’s capital market has become an important part of the global capital market. With the process of economic globalization, China’s capital market has gradually opened to the outside world, and the domestic and foreign economic ties have gradually increased. Stock market linkage between China and the United States is increasing The development of China’s economy and opening of the stock market system, the Related ways of Chinese and American stock markets from four aspects, and tr ies to analyze the formation mechanism of the linkageīetween China and America stock markets in four channels: International trade,įinancial capital, policy and expectation. Listing, and the globalization of stock companies, the paper explores the Through the trade betweenĬountries, the economic spillover effect, the gradual increase of transnational Then, this paper expounds the transmission channel of stock market linkageĪnd the related theory of stock market linkage. Overall, China’s stock market lags behind the United States stock ![]() Mechanism, secondary security market mechanism, and the market supervision The United States from several aspects, such as the first class IPO market This paper compares the stock markets of China and ![]()
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