OECD Equity Market Review ASIA 8

OECD Equity Market Review

ASIA2018

OECD CAPITAL MARKET SERIES

OECD Equity Market Review

Asia 2018

Please cite this publication as: OECD (2018), OECD Equity Market Review of Asia 2018 corporate/OECD-Asia-Equity-Market-Review-2018.pdf

This report is part of the OECD Capital Market Series. More information about the series is available at:

The OECD Secretariat welcomes any questions and comments. Please address them to: Mr. Mats Isaksson Head of Division Corporate Governance and Corporate Finance Division Directorate for Financial and Enterprise Affairs, OECD [Tel: +33 1 45 24 76 20 | Mats.Isaksson@]

This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.

? OECD 2018

ABOUT THIS REPORT

ABOUT THIS REPORT

This annual OECD report provides a comprehensive and comparable picture of the use and functioning of public equity markets in Asia. The objective of the report is to inform policy discussions on how capital markets can serve their role to channel financial resources from households to productive investments in the real economy.

The report covers the main aspects of the capital market ecosystem in Asia. The first part looks at primary equity markets to describe how and to what extent Asian companies use public equity markets to raise equity capital. This includes data on both initial public offerings and the often neglected use of public equity markets by already-listed companies that choose to raise additional equity capital through a secondary public offering. The second part pays special attention to the use of public equity markets by growth companies, including their size and sectoral distribution. The third part describes and provides analyses of the stock exchange landscape in Asia, including their relative size and developments over time. The fourth part examines the corporate ownership landscape. It provides information about who the shareholders are and how they own. Special attention is given to the institutional investors as owners of publicly listed companies. The last part of the report looks at developments with respect to the four main investment banking activities, namely equity underwritings, corporate bond transactions, mergers and acquisitions, and syndicated loans. This section describes the emergence of the regional investment banking industry and the shifts in market shares between Asian and non-Asian banks since 2000. This year's focus chapter discusses the potential for new financial technologies, in particular blockchain technology, in primary public equity markets.

The report is part of the OECD Capital Market Series which maps and provides analyses of marketbased financing around the world with a view to understand how policies and regulations can improve corporate access to capital, competitiveness and the quality of investment. In this work, an empirical understanding of the structure and functioning of capital markets is essential in order to design capital markets and corporate governance policies that help economies to effectively bridge the gap between household savings and productive investment opportunities in the real economy.

A set of selected indicators and detailed description of data sources as well as the methodology for data collection are provided in the annexes. The content and the methodologies in this report will be further refined in discussions with the participants of the OECD Corporate Governance Committee, the OECD-Asian Roundtable on Corporate Governance and other experts.

The report was prepared by a team led by Mats Isaksson who is Head of the Corporate Governance and Corporate Finance Division of the OECD Directorate for Financial and Enterprise Affairs composed of Serdar ?elik, Adriana De La Cruz, Alejandra Medina, Yun Tang and Inga van den Bongard. The focus chapter was developed by Catriona Marshall, who is also in the Corporate Governance and Corporate Finance Division. The report benefits from the financial support of the Government of Japan.

OECD Equity Market Review of Asia 2018

3

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download