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Why are the Industrious Chinese People not Rich?

Category:
Author: 陈志武
ISBN: 9787508623306
Original Region: China
Original Language: Simplified Chinese
Publication Date: 2010
Publisher:
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Editorial Reviews

In today’s world, is diligent or not still the decisive factor to determine you are rich or not? If not, what is it? Innovation let us make money from production! An open market let us make money from the world! Professor Chen, a well-known economist, explains the root of wealth creation!

About the Book:

Historical experience tells us that a country with vase territory and abundant natural resources by no means has the most amount of wealth. For a country, the most important thing is to have a systematic mechanism facilitates wealth creation and have a matched free financial innovation system, which is more valuable than the territory and resources.

He wrote the following works, Why are the Industrious Chinese People not Rich?, Irrational Exuberance, The Logic of the Finance, 24 Wealth Lessons, Chen Zhiwu Talks About the China’s Economy. Among his works, Why are the Industrious Chinese People not Rich? Won the Financial Book Award, and is credit with the most valuable financial book needs to keep by the medias. His major research: Market surveillance, capital market, portfolio management, corporate governance, corporate finance and organizational strategy, stock pricing, and etc.

Professor Chen proves the following points via comparing the present with the past, and the China with the foreign countries: diligence only produces materials, but wealth creation needs 3 things, that is, depth, breadth, length. These 3 things are equivalent to the rise of productivity per unit time caused by diligence and technological innovation, the rise of magnitude of value triggered by market opening, and future income current period realized by a sound stock market respectively. To achieve the 3 things rely on transparent property right protection and a open market system. Only the 3 things come true can we maximum the wealth creation.

About the Author:

Chen Zhiwu, lifetime professor from Yale School of Management, distinguished professor from Peking University of Management, visiting professor from Cheung Kong Graduate School of Business, is an creative and active scholar in finance and financial asset pricing. He won Merton·Miller Research Award, Chicago Board Options Exchange Research Award, and etc. In 2000, he stood at 202 in the list of excellent global economists ( only 19 Chinese stood in the list of top 1000) . In 2006, he was rated as one of the most influential economists in China.

In 1990, he got his PH.D economics from Yale University. He became a associate professor of Ohio State University in 1995. He found Value Engine in 1998, and found Zebra with two partners in 2001.

He wrote the following works, Why are the Industrious Chinese People not Rich?, Irrational Exuberance , The Logic of the Finance , 24 Wealth Lessons , Chen Zhiwu Talks About the China’s Economy . Among his works, Why are the Industrious Chinese People not Rich? Won the Financial Book Award, and is credit with the most valuable financial book needs to keep by the medias. His major research: Market surveillance, capital market, portfolio management, corporate governance, corporate finance and organizational strategy, stock pricing, and etc.

Excerpt from the origin:

历史与财富

  资本全球化的奇迹

  1978年中国改革开放之后,“奇迹”两字时常跟中国经济的各种指标连任一起,比如在短短二十儿年里GDP增长l5倍,连续二十几年GDP以年均超过9%的速度增长等,这些都是史无前例的。“2006年为例,继6月初中国银行(以下简称中行)在香港联合交易所(以下简称香港联交所)创下IPO(首次公开发行股票)融资ll2亿美元这一世界纪录后,10月底工商银行(以下简称工行)刷新这一纪录,在香港联交所和上海证券交易所(以下简称上海证交所)合计融资219亿美元,创下垒球资本市场IP0融资的世界新纪录。

  中行、工行等内地大型企业到香港上市,使得香港联交所成为融资量垒球排名第二的股市,2006年实现IP0融资近400亿美元,仅次于伦敦证交所490亿美元,超过纽约证券交易所(以下简称纽约证交所)的336亿美元融资额。当时,香港人才700万,这么小的地方,从哪里来这么多钱去买股票?是什么赋予了香港处理超大型招股活动的能力'这当然又是“奇迹”!

  饮水思源,为什么现在中国的奇迹这么多?是什么、是谁创造了这些奇迹?当然,这跟1978年后的改革开放政策有关,但仅有这一政策还远远不够,“奇迹”还源白西方在过去500年、特别是近200年内建立的全球化世界序,没有西方提供的这种便车就没有中国今天的“奇迹”。

  我们不妨想象一下中国在不同时期所面对的机会。首先,在1 7505年左右中国有无可能创造夸天这样的奇迹呢'那时是乾隆盛世中期,中国还很强盛,正沉浸在闭关自守中。即使抛开那时候的闭关自守政策不管.即使乾隆也想改革开放,那他有可能创造“奇迹”吗?答案很简单:不可能。 方面,工业革命还是三四十年以后的事,机械化生产技术没问世,也更没有令天垒球化所依糊的交通运输和通信技术;另一方面,资本市场垒球化无从谈起,实

际上,在1720年英国议会通过《反泡抹法案》之后,股票市场在垒球范围内基本停止发展,西欧不再有活跃的股票市场,美国还没有独立,香港只是个人烟稀少的渔村。所以,不管乾隆或者其他皇帝的本事有多大,也不管中国的劳动力有多少、多廉价,不管有多少中国企业要到海外上市,经济总量5年翻番、企业大规模融资等“奇迹”都没门儿。

  往后推100年,到1850年时,中国的国门名义上在鸦片战争后已经开放了近l0年,上海等5个通商口岸已对外商开放,香港已经租给英国但基本上还是渔村,象征着金融洋务在中国开始的汇丰银行是15年后才成立的。世界上,虽然以机械纺织为核心的第一次工业革命在英国和美国已进行了近70年,但工业技术还远未成熟,电气,电话以及相关工业技术也没有问世,铁路和蒸汽轮船技术虽已经发明并正在成熟,但还没有被广泛应用,交通运输速度和规模极为有限.中国第一个留美学生容闳l 854年坐了5个多月船才从纽约回到中国香港。那时.跨国贸易和交往也在进行,只是规模与速度极慢,各国经济问的依赖度很低,中国人再勤劳能干也无法靠出口创造经济“奇迹”。在资本全球化方面,伦敦金融市场已很发达,但以银行、保险以及政府公债

为主,伦敦证交所交易的证券90%以上为非股票类证券,纽约的证券交易中债券占80%以上,股票比重仍然很低并以银行股、保险股为主,工业公司票只有几只,到19世纪60年代的铁路股热潮时美国股市才真正起飞。因在经济腾飞速度和资本市场融资规模上,任何国家都还不可能制造出像中今天这样的“奇迹”。

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