中国B股市场研究

【作者】 龙云；

【导师】 谢百三；

【作者基本信息】 复旦大学 ， 产业经济学， 2006， 博士

【摘要】 中国B股市场的发展始于1991年底。所谓B股，全称是“境内上市外资股”，指的是在中国境内注册的股份有限公司向境内外投资者发行、募集外币资金并在中国境内证券交易所上市交易的股票。应该说，B股市场的建立是顺应中国改革开放的要求而与A股市场几乎同时起步的一个中国资本市场的历史分支。随着中国经济持续获得了快速发展，中国资本市场也不断得到深化，股票市场尤其是中国A股市场已经成为中国国民经济中不可或缺的重要组成部分。尽管A股市场也面临众多问题，但是包括管理层在内的股票市场参与各方都在为A股市场的持续发展而不懈努力。然而，与A股市场同时起步的B股市场却在发展中遭遇到了越来越多的问题，在中国资本市场不断发展的历程中出现了退化局面，市场本身也逐渐边缘化，陷入困难境地。主要表现在：第一，随着境外B股投资者的逐步退出，B股市场的发展不仅远远落后于设计者们的期望，更远远落后于几乎同时起步的中国A股市场，甚至落后于起步更晚的H股市场。B股市场在筹集资金方面近乎完全陷入瘫痪，自其创立15年来共筹集资金53亿美元，这一数字甚至不及中国联通2000年在海外市场IPO所筹集的资金。第二，B股更大的不足则表现在市场的整体表现和上市公司的质量方面。长期以来，B股上市公司总体质量低下，而B股市场除了在新设期以及2001年前后对境内居民开放时有过短期的突出表现外，十几年来B股指数的整体走势一直低迷，与中国宏观经济的发展相背离，且给投资者的信心以严重的打击。因此，本文将研究重点放在了探究B股市场困境背后的历史与现实原因、揭示原因背后所隐含的系统性问题与制度缺陷。通过对B股市场困境进行深入研究，系统性探讨B股市场的出路，提出解决B股市场问题的方案，从而为中国证券市场未来发展战略的制定和调整提供政策借鉴依据。首先，本文从股票市场基础功能的角度出发构建了系统性分析B股市场困境的研究框架，并提出B股市场所面临的是一种功能缺失困境的重要结论。在以往的研究中，各种文献基本上都停留在对B股市场发展过程中的某一具体层面来进行研究，缺乏对中国整个B股市场发展过程中的问题及其困境的系统性分析。本文通过对B股市场困境的层层解析，发现了B股市场所陷入的功能缺失困境不是由股票市场某一个基础功能退化或缺失所引致的，而是由于筹资功能、资源配置功能以及投资增值功能这三大股票市场基础功能共同的退化和缺失所造成的，并在此基础上推演出B股市场基础功能退化和缺失是必然而不可逆转的结论。在此基础上，本文通过对B股市场开放性、历史定位以及市场本身区别于A股市场的特质进行了深入细致地研究，论证了B股市场已经空心化、丧失独立存在的必要性，并为关闭B股市场提供了理论支撑和实践基础。最后，本文探讨了各种可能的关闭B股市场的方案，并在此基础上结合中国新兴的信托制度和QFⅡ制度提出了信托型B股市场关闭方案。通过这一方案，可望在最小的制度变革下快速平稳地解决B股市场功能缺失困境问题并促成了A、B股的市场合并，为中国资本市场的可持续发展提供了一种新思路。更多还原

【Abstract】 The China’s B share market was launched at the end of 1991, in order to attract foreign investments and hard currencies. Varied from A shares, B shares are issued to foreign residents and settled in U.S. dollars on the Shanghai Exchange or in Hong Kong dollars on the Shenzhen Exchange. As a matter of fact, the establishment of China’s B share market is intended to fill the requirement of reform and development of China’s capital market.Although Chinese economy as well as China’s capital market have experienced rapid growth in the past a few years and the A share market becomes to play a more and more important role in the overall economic system, unfortunately, the B share market got into a distressed situation gradually. Along with the evacuation of foreign investors, the B share market not only fell behind the expectation of the Regulation, but also can not kept the development pace with the A share market, even the H share market. In the aspect of raising money, the B share market almost lost its financing function entirely. Statistics shows that the overall amount gathered from B share market in the past 15 years is US$5.3 billion that is smaller than the IPO of China Unicom in 2000. Furthermore, the more severe deficiency of B share market lies in the market performance and the quality of listed companies. In the long run, B share companies were with low quality and the index of B share market could not shake off from the distressed situation, which not only deviate the China’s macro economy, but also crush the confidence of investors.Therefore, this dissertation is dedicated to studying the issues on the B share market, trying to discover the hidden problems and institutional defects that cause the dilemma of B share market. As well, through detailed and delicate study, we are going to put forward measures to solve the dilemma and make some contribution to the sustainable development of China’s capital market.Under the consideration above, this dissertation tries to develop a systematic research framework from the view of stock market’s fundamental functions, and draws a conclusion that the dilemma B share market fell into is a malfunction dilemma. In former studies, scholars always focus on some specific aspects of B share market and obviously neglect to study the issues in the perspective of the market in a whole. Here, through careful analysis and deduction, we interpret the dilemma B share market experiencing is not caused by any single reason, but by the overallmalfunction of the market’s fundamental functions, which refer to function of financing, function of resource allocation and function of value-added investment, and we find that the malfunction of B share market is not reversible.Based on the research outcome above, the dissertation then studies the special features of B share market and proves that the B share market is no longer worth being maintained as a single stock market and B share market should be closed.In the last part of the dissertation, we discuss various possible measures to close the B share market and put forward an innovative solution that is with great feasibility and is a mixture of Trust Institution and QFII Policy. Via this solution, the malfunction dilemma of B share market can be solved and B share companies can be merged into the A share market. Therefore, this solution can make significant contribution to the sustainable development of China’s capital market.更多还原