Capital Flows and Domestic Market Integration in China
In Chapter one, using a unique data set on Chinese provincial savings and investment, I
prove that the torrent of reports about the inadequacies of the Chinese financial system,
accompanied by studies claiming product and capital market segmentation, overlooks real
achievements. While my aggregate results parallel those of Boyreau-Debray and Wei (2002) and
others, I am able to assess the impact of financial innovation on capital flows outside the
government allocation mechanism. Stripping out foreign funds, government appropriations, and
officially influenced bank loans, I discover that inter-provincial commercial capital flows present
a strong trend toward market integration and their mobility pattern starts to bear resemblance to
interstate flows in the U.S. and other advanced nations. This result undercuts the widespread
view of China's economy as lacking in domestic integration.
Several emerging capital markets have adopted legally separated share markets (LSSM)
in which local firms market separate claims to the same underlying dividend flow to two distinct
sets of investors, domestic shareholders trading "A" shares with domestic currency and foreign
investors trading "B" shares with foreign currency. I utilize an experimental approach to show
that information transference across these segmented markets may have caused the covariance in
A and B shares' price movements. Our hypothesis is that. My results not only suggest that there
is indeed information transmission across LSSM, but also indicate that the quality and clarify of
signals sent out by the market with more information directly impacts the success of information
transference.
參考答案:中国资本流动和国内市场一体化
笔者在第一章中用中国省级储蓄与投资的确切数据证实了中国金融体制存在不足之处的报道，进而作了产品与资本市场细分, 重视真实的结果。笔者的总的结果大致和Boyreau-Debray和Wei (2002)以及其他作者们是一致的, 笔者可以评价金融改革对政府分配机制之外的资本流动的影响。排除外国投资、政府成分以及官方控制的银行信贷这些因素，笔者发现省份之间的商务资本流动呈现出向市场一体化转变的强烈趋势，并且它们的流动模式开始趋同于美国和其他先进的国家的洲间资本流动模式。这份结果彻底否定了广泛流传的中国经济严重缺乏国内（市场）一体化的观点。几个正在孕育中的资本市场已经采用法定独立份额市场 (LSSM)，地方公司市场用同样的方式把资本流动分为两类明显不同的投资者, 国内持股者用人民币交易"A"股而外国投资商用外币交易"B"股。笔者利用一份实验进展来表明，跨细分市场的信息传递可能影响A 股和B股的价格运动的协方差。我们的假设是（以下缺乏部分内容）。
笔者的结果不仅暗示出确实存在跨法定独立份额市场的信息传递，也表明有更多信息的市场发出的信号的质量和可信度直接影响信息的成功传递。
