Empirical evidence indicates that environmental social and governance (ESG) practices are associated with firm financial performance, but little is covered about investors’ attention towards stock performance. In this paper, we conduct a test of the relationship between ESG performance disclosures and the firm’s financial or capital market performance. We choose a stratified sample of large-cap firms across 8 sectors drawn from the S & P 100 during the period 2016 to 2021. The changes in ratings, namely, governance, environment, exhibit a small but significant impact on the stock’s performance during the periods. Our results show that few of the ESG disclosures are positively related and dominate over the usual firm-level determinants of ROA (Return on Assets). We find governance practice is more significant than climate disclosures. These outcomes are robustly demonstrated on use cases of top stocks with investor safety recommendations. The results could have useful implications for investors, fund managers and regulators.
{"title":"Impact of Environmental, Social and Governance (ESG) Factors on Stock Returns of Emerging Markets","authors":"DINABANDHU BAG, Satyajit Mohanty","doi":"10.2139/ssrn.3866655","DOIUrl":"https://doi.org/10.2139/ssrn.3866655","url":null,"abstract":"Empirical evidence indicates that environmental social and governance (ESG) practices are associated with firm financial performance, but little is covered about investors’ attention towards stock performance. In this paper, we conduct a test of the relationship between ESG performance disclosures and the firm’s financial or capital market performance. We choose a stratified sample of large-cap firms across 8 sectors drawn from the S & P 100 during the period 2016 to 2021. The changes in ratings, namely, governance, environment, exhibit a small but significant impact on the stock’s performance during the periods. Our results show that few of the ESG disclosures are positively related and dominate over the usual firm-level determinants of ROA (Return on Assets). We find governance practice is more significant than climate disclosures. These outcomes are robustly demonstrated on use cases of top stocks with investor safety recommendations. The results could have useful implications for investors, fund managers and regulators.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128891979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Backed by China's economic growth, the initial public offering (IPO) market in China has been one of the most vigorous in the world. In this market, practicing auditors routinely sit on the regulatory committee responsible for screening prospective IPO firms. Against this backdrop, we examine whether IPO-audit expertise can influence IPO-audit quality and capital allocation. We find that auditors with richer IPO-audit experience improve the quality of earnings in IPO prospectus, earn an audit fee premium, and are significantly more likely to be assigned to IPO engagements by audit firms or appointed to the regulatory committee by regulators. We also show that, by enhancing the credibility of information disclosure in IPO prospectus, IPO exper-tise of the regulatory committee members and the IPO engagement auditors improves capital allocation efficiency. Collectively, our evidence implies that a more sophisticated audit profes-sion can contribute to the development of capital market in a country.
{"title":"IPO-Audit Expertise, Audit Quality, and Capital Allocation Efficiency: Evidence from China","authors":"Donghui Wu, Zhifeng Yang, Feiteng Ye","doi":"10.2139/ssrn.3876506","DOIUrl":"https://doi.org/10.2139/ssrn.3876506","url":null,"abstract":"Backed by China's economic growth, the initial public offering (IPO) market in China has been one of the most vigorous in the world. In this market, practicing auditors routinely sit on the regulatory committee responsible for screening prospective IPO firms. Against this backdrop, we examine whether IPO-audit expertise can influence IPO-audit quality and capital allocation. We find that auditors with richer IPO-audit experience improve the quality of earnings in IPO prospectus, earn an audit fee premium, and are significantly more likely to be assigned to IPO engagements by audit firms or appointed to the regulatory committee by regulators. We also show that, by enhancing the credibility of information disclosure in IPO prospectus, IPO exper-tise of the regulatory committee members and the IPO engagement auditors improves capital allocation efficiency. Collectively, our evidence implies that a more sophisticated audit profes-sion can contribute to the development of capital market in a country.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134265262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-06-01DOI: 10.9734/AJEBA/2021/V21I730401
M. Siraji, M. Nazar
Despite several works on corporate governance examine the ownership structure on earnings management, the empirical research on Real Earnings Management (REM) is limited. Thus, the main purpose of the research is to examine the effect of family and managerial ownership on real earnings management of selected non-financial listed companies at the Colombo Stock Exchange (CSE) in Sri Lanka. The researchers use a quantitative approach to address this current issue, and the data were collected using a sample of 206 firms listed at the CSE during the highest market capitalization period from 2015/2016 to 2019/2020 and eliminated the companies listed in the industry of bank, finance and insurance because the companies are governing by rules and regulation. The study found that family and managerial ownership play a prominent role and negatively related to real earning management activity. The finding of the study contributes to knowledge in earnings management of agency theory literature in developing economies, and help the investors, supplier auditors and policymakers for their decision-making activities by detecting the real earning management in different ownership structure.
{"title":"How do Family and Managerial Ownership Structure Effect Real Earnings Management?","authors":"M. Siraji, M. Nazar","doi":"10.9734/AJEBA/2021/V21I730401","DOIUrl":"https://doi.org/10.9734/AJEBA/2021/V21I730401","url":null,"abstract":"Despite several works on corporate governance examine the ownership structure on earnings management, the empirical research on Real Earnings Management (REM) is limited. Thus, the main purpose of the research is to examine the effect of family and managerial ownership on real earnings management of selected non-financial listed companies at the Colombo Stock Exchange (CSE) in Sri Lanka. The researchers use a quantitative approach to address this current issue, and the data were collected using a sample of 206 firms listed at the CSE during the highest market capitalization period from 2015/2016 to 2019/2020 and eliminated the companies listed in the industry of bank, finance and insurance because the companies are governing by rules and regulation. The study found that family and managerial ownership play a prominent role and negatively related to real earning management activity. The finding of the study contributes to knowledge in earnings management of agency theory literature in developing economies, and help the investors, supplier auditors and policymakers for their decision-making activities by detecting the real earning management in different ownership structure.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128525636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this study is to reveal the relationship between real earnings management through sales manipulation and firm performance in Chinese A-listed companies. We analyze abnormal operating cash flows to identify real earnings management through sales manipulation. Fixed-effect panel data from 1998 to 2016 are used for the regressions. The results indicate that ROA has a significant negative relationship with real earnings management through sales manipulation. However, ROE does not have a significant relationship with sales manipulation because of the Chinese Securities Regulatory Commission’s (CSRC) threshold regulation. This study reveals the relationship between REM and ROA and ROE in Chinese A-listed firms, and creates a good reference for future studies. China is the largest developing country, and its stock market attracts investors from around the world.
{"title":"Real Earnings Management Through Sales Manipulation and Firm Performance: Evidence from China","authors":"Jahidur Rahman, Ni Xiong","doi":"10.2139/ssrn.3851575","DOIUrl":"https://doi.org/10.2139/ssrn.3851575","url":null,"abstract":"The purpose of this study is to reveal the relationship between real earnings management through sales manipulation and firm performance in Chinese A-listed companies. We analyze abnormal operating cash flows to identify real earnings management through sales manipulation. Fixed-effect panel data from 1998 to 2016 are used for the regressions. The results indicate that ROA has a significant negative relationship with real earnings management through sales manipulation. However, ROE does not have a significant relationship with sales manipulation because of the Chinese Securities Regulatory Commission’s (CSRC) threshold regulation. This study reveals the relationship between REM and ROA and ROE in Chinese A-listed firms, and creates a good reference for future studies. China is the largest developing country, and its stock market attracts investors from around the world.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130705478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study seeks to figure out the effects of China’s capital account liberalization on its stock market returns and volatility. We take China’s Shanghai – Hong Kong Stock Connect as a representation of China’s capital account liberalization. We also take the Shanghai Stock Exchange market to generalize China’s stock market. We apply daily univariate models and monthly multivariate model to test the effects of the Shanghai – Hong Kong Stock Connect net flows northbound and southbound on the Shanghai stock market returns and volatility for the period from November 17, 2014 through November 19, 2017. The result we find is that there is no significant effect of China’s capital account liberalization on its stock market returns and volatility. Compared with other studies on emerging stock markets, our results do support some empirical regularity. By adding a policy variable into our model, we raise the model’s determination coefficient, which helps us better simulate China’s capital account liberalization and its stock market.
{"title":"Effects of Capital Account Liberalization on Emerging Stock Market: Evidence from China’s Shanghai - Hong Kong Stock Connect","authors":"Feng Xiao","doi":"10.2139/ssrn.3848706","DOIUrl":"https://doi.org/10.2139/ssrn.3848706","url":null,"abstract":"This study seeks to figure out the effects of China’s capital account liberalization on its stock market returns and volatility. We take China’s Shanghai – Hong Kong Stock Connect as a representation of China’s capital account liberalization. We also take the Shanghai Stock Exchange market to generalize China’s stock market. We apply daily univariate models and monthly multivariate model to test the effects of the Shanghai – Hong Kong Stock Connect net flows northbound and southbound on the Shanghai stock market returns and volatility for the period from November 17, 2014 through November 19, 2017. The result we find is that there is no significant effect of China’s capital account liberalization on its stock market returns and volatility. Compared with other studies on emerging stock markets, our results do support some empirical regularity. By adding a policy variable into our model, we raise the model’s determination coefficient, which helps us better simulate China’s capital account liberalization and its stock market.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129533042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The present research focuses on the behavioural aspect of investment, which tells that the investment decision varies with the uncertainty of the situation and the perception of the individual at different risk level. The risks are categorised by different class of people of sex differences, age differences and different income groups. These individual groups directly or indirectly associated with the perception of individual risk level in decision making. Based on this the present study tries to investigate the effect of gender, age and income differences on investors' risk perception in investment decision in the Indian context. Delhi-NCR region is the primary location of the study for data collection with the help of a questionnaire method. The finding of the study says that there is no significant difference in investors' risk perception among the different independent groups.
{"title":"Effect Of Gender, Age And Income 0n Investors' Risk Perception In Investment Decision: A Survey Study","authors":"Palash Bairagi, Anindita Chakraborty","doi":"10.2139/ssrn.3843470","DOIUrl":"https://doi.org/10.2139/ssrn.3843470","url":null,"abstract":"The present research focuses on the behavioural aspect of investment, which tells that the investment decision varies with the uncertainty of the situation and the perception of the individual at different risk level. The risks are categorised by different class of people of sex differences, age differences and different income groups. These individual groups directly or indirectly associated with the perception of individual risk level in decision making. Based on this the present study tries to investigate the effect of gender, age and income differences on investors' risk perception in investment decision in the Indian context. Delhi-NCR region is the primary location of the study for data collection with the help of a questionnaire method. The finding of the study says that there is no significant difference in investors' risk perception among the different independent groups.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127224071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Performance evaluation is an art through which one can learn about the efficiency achieved in the working of a particular organization. As regards performance evaluation of an organization, there are various measures to analyze performance of any organization. These measures are broadly classified into two categories namely, financial and non-financial factors. Among financial factors, the most important is Financial Ratios. Analysis through ratios is compared to Doctor’ kit for diagnosing the performance of the firm. It is the evaluation of a firms’ prospect for survival and growth. An analyst should develop the skill of identifying red flags. They should be used only to evaluate the performance of the firm as a whole. They, by themselves do not provide any insight into the performance of the firm.
{"title":"Performance Analysis of Financial Ratios - Indian Public Non-Life Insurance Sector","authors":"Jeelan Basha., Dr. Bhadrappa Haralayya","doi":"10.2139/ssrn.3837465","DOIUrl":"https://doi.org/10.2139/ssrn.3837465","url":null,"abstract":"Performance evaluation is an art through which one can learn about the efficiency achieved in the working of a particular organization. As regards performance evaluation of an organization, there are various measures to analyze performance of any organization. These measures are broadly classified into two categories namely, financial and non-financial factors. Among financial factors, the most important is Financial Ratios. Analysis through ratios is compared to Doctor’ kit for diagnosing the performance of the firm. It is the evaluation of a firms’ prospect for survival and growth. An analyst should develop the skill of identifying red flags. They should be used only to evaluate the performance of the firm as a whole. They, by themselves do not provide any insight into the performance of the firm.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126056150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Blockchain is one of the most important technologies that is revolutionizing the Financial Technology (FinTech) industry. As the blockchain adoption rate increases in the Banking and FinTech industry, it is very important for the financial institutions to understand the challenges posed by this emerging technology and enhance their risk taxonomy and controls framework to inculcate new and relevant controls in their Business, Organizational, and Information Systems Strategy. Blockchain has and will continue to be a major disrupter in the FinTech industry with applications including and not limited to Smart Contracts, Digital Payments, Investment Banking, Capital Markets, Trading, Clearing and settlement of trades, and many more. Along with highlighting the applications of blockchain in the FinTech industry, the paper further discusses the challenges and corresponding mitigation strategies in some of the most relevant domains in the blockchain and FinTech industry like security, scalability, legal and regulatory, technology development, and cyber risks.
{"title":"Impact of Blockchain on Financial Technology – Challenges and Strategies","authors":"Ayan Tyagi","doi":"10.2139/ssrn.3832937","DOIUrl":"https://doi.org/10.2139/ssrn.3832937","url":null,"abstract":"Blockchain is one of the most important technologies that is revolutionizing the Financial Technology (FinTech) industry. As the blockchain adoption rate increases in the Banking and FinTech industry, it is very important for the financial institutions to understand the challenges posed by this emerging technology and enhance their risk taxonomy and controls framework to inculcate new and relevant controls in their Business, Organizational, and Information Systems Strategy. Blockchain has and will continue to be a major disrupter in the FinTech industry with applications including and not limited to Smart Contracts, Digital Payments, Investment Banking, Capital Markets, Trading, Clearing and settlement of trades, and many more. Along with highlighting the applications of blockchain in the FinTech industry, the paper further discusses the challenges and corresponding mitigation strategies in some of the most relevant domains in the blockchain and FinTech industry like security, scalability, legal and regulatory, technology development, and cyber risks.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121723004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThe authors examine the impacts of corporate announcements on stock returns during the pandemic stress.Design/methodology/approachThe authors employ the event study methodology with the market model on a sample of 90 events (announcement and ex-date).FindingsThe authors find that all the corporate announcements do not impact the stock returns in a similar pattern. While the bonus announcement, ex-bonus and ex-split events led to positive significant abnormal returns on the event date, the rights issue and stock-split announcements failed to influence the stock returns. The findings suggest that before making such announcements, the corporates should wait until the market recovers because even the positively impacting events result in negative market responses during pandemic stress.Practical implicationsThis study will guide the policymakers to stimulate share prices during such pandemics with the help of various corporate announcements. The investors will be assisted in understanding the stock market mechanism and making wise decisions before reacting to corporate actions during a pandemic or emergency period. While the policymakers are concerned with influencing the share prices, the investors are concerned with the composition of the risk-return parameters in their portfolio. This study will act as an essential investment tool for both.Originality/valueTo the best of the authors’ knowledge, the authors conduct the first-ever study to examine the impacts of corporate announcements during a pandemic stress period that significantly contributes to the literature. The authors examine the announcement effects in India and accurately anticipate that this study will be a pioneer in this field. This study also paves the way for future researches in this area.
{"title":"Impacts of Corporate Announcements on Stock Returns during the Global Pandemic: Evidence from the Indian Stock Market","authors":"Dharen Kumar Pandey, V. Kumari","doi":"10.2139/ssrn.3851438","DOIUrl":"https://doi.org/10.2139/ssrn.3851438","url":null,"abstract":"PurposeThe authors examine the impacts of corporate announcements on stock returns during the pandemic stress.Design/methodology/approachThe authors employ the event study methodology with the market model on a sample of 90 events (announcement and ex-date).FindingsThe authors find that all the corporate announcements do not impact the stock returns in a similar pattern. While the bonus announcement, ex-bonus and ex-split events led to positive significant abnormal returns on the event date, the rights issue and stock-split announcements failed to influence the stock returns. The findings suggest that before making such announcements, the corporates should wait until the market recovers because even the positively impacting events result in negative market responses during pandemic stress.Practical implicationsThis study will guide the policymakers to stimulate share prices during such pandemics with the help of various corporate announcements. The investors will be assisted in understanding the stock market mechanism and making wise decisions before reacting to corporate actions during a pandemic or emergency period. While the policymakers are concerned with influencing the share prices, the investors are concerned with the composition of the risk-return parameters in their portfolio. This study will act as an essential investment tool for both.Originality/valueTo the best of the authors’ knowledge, the authors conduct the first-ever study to examine the impacts of corporate announcements during a pandemic stress period that significantly contributes to the literature. The authors examine the announcement effects in India and accurately anticipate that this study will be a pioneer in this field. This study also paves the way for future researches in this area.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114071050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Hyun, Su Yeob Na, Youngsun Kim, Koun Cho, Bongkyo Seo
The opening of China's financial sector has progressed at a very slow pace, unlike the manufacturing and trade sectors that have pushed for an active opening to the outside world. The Chinese economy has been growing rapidly while serving as a global production base, but since 2012, it has become necessary to modify its approaches to achieve growth as it enters an era of medium-speed growth. Recently, new reform and opening measures have been taken in various fields to improve the quality of the Chinese economy, and the need for reform and opening in the financial sector has also increased. Internally, the financial system centered on China's state-owned commercial banks has focused on indirect financing, which has served as a major obstacle to upgrading China's economy and industry to the next level, further increasing the need for reform and opening of the financial sector. Moreover, externally, the U.S.-China conflict which began in earnest in 2018, is applying strong pressure toward reform and opening in China’s financial sector. The Chinese government began to show a proactive attitude toward financial opening amid such internal needs and external pressure, and an important development was seen in China’s financial opening when President Xi Jinping declared further opening measures at the Boao Forum in April 2018. The Chinese financial authorities have prepared follow-up measures related to financial opening, and the Chinese government’s efforts toward financial opening in the three years from 2018 to 2020 yielded more results than the ten-year opening period since its accession to the WTO. Against this backdrop, this study examines the main contents of China’s financial opening process, which has been accelerating recently, and derives evaluation and implications.
{"title":"Changing Environment for Opening of Chinese Financial Sector and Implications","authors":"S. Hyun, Su Yeob Na, Youngsun Kim, Koun Cho, Bongkyo Seo","doi":"10.2139/ssrn.3885408","DOIUrl":"https://doi.org/10.2139/ssrn.3885408","url":null,"abstract":"The opening of China's financial sector has progressed at a very slow pace, unlike the manufacturing and trade sectors that have pushed for an active opening to the outside world. The Chinese economy has been growing rapidly while serving as a global production base, but since 2012, it has become necessary to modify its approaches to achieve growth as it enters an era of medium-speed growth. Recently, new reform and opening measures have been taken in various fields to improve the quality of the Chinese economy, and the need for reform and opening in the financial sector has also increased. Internally, the financial system centered on China's state-owned commercial banks has focused on indirect financing, which has served as a major obstacle to upgrading China's economy and industry to the next level, further increasing the need for reform and opening of the financial sector. Moreover, externally, the U.S.-China conflict which began in earnest in 2018, is applying strong pressure toward reform and opening in China’s financial sector. The Chinese government began to show a proactive attitude toward financial opening amid such internal needs and external pressure, and an important development was seen in China’s financial opening when President Xi Jinping declared further opening measures at the Boao Forum in April 2018. The Chinese financial authorities have prepared follow-up measures related to financial opening, and the Chinese government’s efforts toward financial opening in the three years from 2018 to 2020 yielded more results than the ten-year opening period since its accession to the WTO. Against this backdrop, this study examines the main contents of China’s financial opening process, which has been accelerating recently, and derives evaluation and implications.","PeriodicalId":153840,"journal":{"name":"Emerging Markets: Finance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130697514","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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