published_or_final_version / Chinese / Master / Master of Philosophy

by Lai Tai-Hon Sammy, Sieh Shing-Chun. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 68-70). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ABBREVIATIONS --- p.vi / LIST OF FIGURES AND TABLES --- p.vii / ACKNOWLEDGEMENTS --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective --- p.1 / Methodology --- p.2 / Chapter II. --- HISTORY OF THE BOND MARKET IN CHINA --- p.4 / History of the Government's Debt Issuance --- p.4 / Reasons for the Rapidly Increasing Debt Outstanding --- p.6 / Recent Development of the Bond Market in China --- p.7 / Chapter III. --- THE ROLES OF BOND MARKET IN CHINA'S ECONOMY --- p.10 / The Importance of Government Securities Market for China's Development --- p.10 / Fiscal Management --- p.11 / Bond Financing of Real Sector Investment --- p.12 / Chapter IV. --- TYPES OF DEBT SECURITIES IN CHINA --- p.14 / Government Bonds --- p.14 / Treasury Bonds --- p.14 / Fiscal Bonds --- p.16 / State Construction Bonds --- p.16 / Key State Construction Bonds --- p.17 / Special Government Bonds --- p.17 / Indexed Bonds --- p.17 / National Investment Bonds --- p.18 / State Investment Corporation Bonds --- p.18 / Key Enterprise Bonds --- p.18 / Capital Construction Bonds --- p.19 / Financial Institution Bonds --- p.19 / Corporate Bonds --- p.20 / Chapter V. --- THE DOMESTIC BOND MARKET --- p.22 / Primary Market --- p.22 / Issuers --- p.22 / Issue Procedure of Government Bonds --- p.22 / Issue Procedure of Non-Government Bonds --- p.25 / Issue Characteristics --- p.26 / Interest Rate Subsidy --- p.28 / Credit Rating Agencies --- p.29 / Secondary Market --- p.30 / Development of Spot Market --- p.30 / Development of Futures and Repurchase Markets --- p.32 / Trading Centres --- p.33 / Trading Volume and Liquidity --- p.35 / Causes of Lack of Liquidity --- p.36 / Chapter VI. --- THE INTERNATIONAL BOND MARKET --- p.40 / Foreign Participation in China's Domestic Bond Market --- p.40 / China's Overseas Bond Issues --- p.41 / History --- p.41 / Convertible Bonds and Bond Derivatives --- p.43 / Issues Procedures --- p.43 / Possible Problems with the Issues Procedures --- p.44 / China's International Bond Issuers --- p.44 / Trend of International Issuance --- p.45 / Choices of Markets for Issuance --- p.47 / Chapter VII. --- DEBT MANAGEMENT OF CHINA --- p.48 / Causes of the Mexico Crisis in 1995 --- p.48 / An Analysis of the China's Current Situation --- p.49 / Compositions of Foreign Capital Flow into the Country --- p.49 / Political Risk --- p.49 / Current Account Balance --- p.50 / Foreign Reserves and Short-Term Liabilities --- p.50 / Foreign Debt --- p.52 / Conclusion: The Possibility of Financial Crisis in China --- p.53 / Chapter VIII. --- RECOMMENDATIONS FOR FOREIGN INVESTORS --- p.55 / Risk of Default --- p.55 / Credibility --- p.55 / Macroeconomics Situation --- p.56 / Credit Rating --- p.57 / Rate of Return --- p.58 / Conclusion --- p.59 / Chapter IX. --- APPENDIX --- p.61 / Chapter X. --- BIBLIOGRAPHY --- p.68

published_or_final_version / Business Administration / Master / Master of Business Administration

Peng, Handa. / "August 2011." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (p. 81-83). / Abstracts in English and Chinese. / Abstract --- p.1 / 摘要 --- p.2 / Acknowledgements --- p.3 / Introduction --- p.6 / Chapter Section I --- Literature Review --- p.11 / Theories on Sovereign Default --- p.11 / Historical Case Studies on Sovereign Default --- p.15 / Brief Summary on the Existing Theories and Empirical Cases --- p.16 / Chapter Section II --- Historical Backgrounds --- p.21 / Political Instability and Military Expenditures --- p.21 / Fiscal Status during the rule of the Nanking Government --- p.22 / Silver Standard and Currency Reform in 1935 --- p.26 / Chapter Section III --- Sovereign Default and Restructuring Episodes of the Nanking Government --- p.29 / Data --- p.29 / Sovereign Debt as a Heritage --- p.30 / Background Information of the Debts --- p.34 / The Restructuring Episode --- p.37 / Market Reactions --- p.42 / Chapter Section IV --- Capital Market Access and Reputational Theories in the Restructuring Episode --- p.45 / Access to the International Capital Market --- p.45 / Relevance of the Traditional Reputational Model --- p.48 / Signaling Model and Role of Reputation --- p.51 / Chapter Section V --- Role of Sanctions in the Restructuring Episode --- p.57 / Analytical Framework of the Sanctions Model --- p.57 / Three Possible Channels of Direct Sanctions --- p.60 / Chapter Section VI --- Informational Explanation of the Restructuring Episode --- p.64 / A Practical Analytical Framework for the Informational Model --- p.64 / Issue of Credibility and Currency Reform --- p.66 / The Need for the Settlement of Old Debts --- p.68 / Outcomes --- p.73 / Summary --- p.77 / Conclusion --- p.79 / References --- p.81 / Chapter Appendix I --- Basic information on Chinese sovereign bonds traded in the London Stock Exchange --- p.84 / Chapter Appendix II --- Price of Chinese Sovereign Bonds traded in the London Stock Exchange --- p.86 / Chapter Appendix III --- Price level change around the settlement of two Tienstin-Pukow loans --- p.93 / Chapter Appendix IV --- "Price levels and yield to maturities of the Chinese sovereign bonds on November 1，1935 and June 25, 1937" --- p.94 / Chapter Table I --- Classification of Literatures on Cost of Sovereign Defaults --- p.17 / Chapter Graph I --- Fiscal Status of China in the Nanking Decade --- p.22 / Chapter Graph II --- Breakdown of Revenue --- p.23 / Chapter Graph III --- Breakdown of Expenditures --- p.24 / Chapter Graph IV --- Financing Methods of Government Deficit --- p.25 / Chapter Graph V --- Time Distribution of Borrowing and Defaulting of Old Debts --- p.32 / Chapter Table II --- Purpose of the Old Debts --- p.35 / Chapter Table III --- Lending Countries of the Old Debts --- p.35 / Chapter Table IV --- Collateral of the Old Debts --- p.36 / Chapter Table V --- Currency Denomination of the Old Debs --- p.37 / Chapter Graph VI --- Restructuring Time Distributions --- p.39 / Chapter Graph VII --- Time distribution of new debts obtained during the Nanjing government --- p.46 / Chapter Graph VIII --- Exports and Imports of China in 1921-1937 --- p.61 / Chapter Graph IX --- "Wholesale Price Index in Shanghai, 1929-1937" --- p.74 / Chapter Graph X --- Monthly Exchange Rate of Chinese Currency to U.S. Dollar (Indirect Quotation) --- p.74 / Chapter Graph XI --- "Net Domestic Capital Formation in China, 1931-1936" --- p.76 / Chapter Graph XII --- "Industrial Product and Its Growth Rate in China, 1928-1936" --- p.76