Impact of Recent Chinese Stock Market Liberalization: History and Literature Review

Shimin Chen, Serene Xu Ni and Jamie Yixing Tong
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Shimin Chen: China Europe International Business School, Shanghai, P. R. China
Serene Xu Ni: SILC Business School, Shanghai University, P. R. China3University of Technology, Sydney, Australia
Jamie Yixing Tong: UQ Business School, Brisbane, QLD, Australia

The International Journal of Accounting (TIJA), 2022, vol. 57, issue 01, 1-48

Abstract: SynopsisThe research problemIn recent decades, the Chinese government has taken several measures to liberalize its stock market to attract foreign investment. In this survey, we described these liberalization measures and reviewed the research on their consequences.MotivationAlong with the rapid development of the Chinese stock market, increasing numbers of global investors have shown interest in this market. As a result, we also witness a steady growth in the number of empirical research and review studies published in the international journals. However, no published reviews have focused on stock market liberalization, which is an important perspective requiring further investigation. Our study bridges the gap by making a thorough and in-depth review on issues associated with the stock market liberalization in China.The discussed questions and implicationsIn analyzing this literature, we focused on two dimensions: (1) how liberalization impacts five corporate-level accounting and financial issues—corporate governance, information environment and financial disclosure, earnings quality, value-relevance of accounting information, and auditing, and (2) how liberalization improves the Chinese stock market as a whole and affects asset pricing in this market. Based on the issues explored in the literature, we provide suggestions for future research in our concluding remarks.

Keywords: Chinese stock market; liberalization; bonding; disclosure; earnings quality (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S1094406022500068

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