본문 바로가기 주메뉴 바로가기
22대 대한민국 국회 국회정보길라잡이 국회의원검색
회원가입 로그인
HOME

정보검색

소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색

결과 내 검색

동의어 포함

고급검색

인명/단체명

저자정보 상세정보
인명/단체명을 입력하세요.

키워드

  • 대표어

  • 외국어

-

목차보기

Title page 1

Contents 6

Foreword 4

Acknowledgements 5

Abbreviations and acronyms 10

Executive summary 11

1. Asian capital markets developments 14

1.1. Capital markets amid trade policy uncertainty and geopolitical tensions 16

1.1.1. Market volatility, capital flow dynamics and equity valuations 20

1.1.2. Capital raised from public markets 24

1.1.3. Capital raised from private markets and the use of syndicated lending 28

1.1.4. Interest rates 31

1.1.5. Refinancing risks 34

1.1.6. Credit quality and the investor base 36

1.2. Policy considerations 38

References 39

Notes 40

2. Creating value and increasing trust 41

2.1. Equity market performance and the valuation challenge 42

2.2. Factors contributing to a valuation discount of Asian companies 47

2.2.1. Ownership concentration and structure 48

2.2.2. Dividend distribution and cash holdings 50

2.2.3. Market infrastructure 51

2.2.4. Geopolitical and economic policy uncertainty 52

2.3. "Value-up" initiatives: objectives, design and policy approaches 53

2.3.1. Development of value-up initiatives in Asia 53

2.3.2. Policy tools used in value-up initiatives 55

2.4. Market outcomes and early evidence 56

2.5. Policy considerations 60

References 61

3. The size and the role of institutional investors 64

3.1. Institutional investors in Asia 65

3.1.1. Overview of listed companies and institutional investors 66

3.1.2. Domicile of institutional investors 68

3.1.3. Index inclusion and passive investing 69

3.1.4. Ownership concentration and governance implications 72

3.2. Regulatory frameworks for institutional investors in Asia 73

3.2.1. Overview of the regulatory frameworks 74

3.2.2. Stewardship codes 75

3.2.3. Disclosure and transparency requirements 76

3.2.4. Regulatory frameworks for proxy advisors 78

3.3. Institutional investor engagement 79

3.3.1. Engagement practices 80

3.3.2. Voting and sustainability integration 84

3.3.3. Investor activism 86

3.4. Policy considerations 88

References 89

4. Human capital 91

4.1. Introduction 92

4.2. Disclosure frameworks and standards 92

4.2.1. IFRS S1 93

4.2.2. Sustainability Accounting Standards Board 93

4.2.3. Global Reporting Initiative 93

4.2.4. European Sustainability Reporting Standards 94

4.2.5. Human capital disclosure in Japan 94

4.3. Market practices 95

4.3.1. Disclosure levels 95

4.3.2. Disclosure quality of employee turnover statistics 101

4.4. Human capital and financial performance 102

4.4.1. Human capital management 102

4.4.2. Market analysis 103

4.5. Policy considerations 104

References 105

Notes 107

5. Developments in crypto-asset markets 108

5.1. Global and regional crypto-asset market trends 110

5.2. Key and emerging risks from crypto-assets 114

5.2.1. Growing interconnectedness between crypto-asset and traditional financial markets 114

5.2.2. Financial consumer protection challenges 115

5.2.3. Illicit finance risks 116

5.2.4. Cybersecurity threats 117

5.3. Evolving policy frameworks across Asia 118

5.3.1. Policy and regulatory developments for crypto-assets and stablecoins 118

5.3.2. Central Bank Digital Currency initiatives across Asia 119

5.4. Global standards supporting regulatory alignment 119

5.5. Policy considerations 120

References 121

Notes 126

Annex A. Methodology for data collection and classification 128

References 146

Tables 8

Table 1.1. Overview of Asian non-financial corporate bond markets, 2025 19

Table 2.1. Policy tools used in value-up initiatives 56

Table 4.1. Average training hours by region and ROE quartile, 2024 103

Table 4.2. Turnover of employees by region and ROE quartile, 2024 104

Figures 7

Figure 1.1. Selected indicators of Asian economies' trade exposure to the United States 16

Figure 1.2. Change in corporate investment among Asian listed companies 17

Figure 1.3. Asia's share of global capital markets relative to its share of the global economy, 2025 18

Figure 1.4. Overview of Asian public equity, 2025 19

Figure 1.5. Asian market performance, risk and policy indicators 20

Figure 1.6. Volatility of 10-year sovereign bond yields in Asia 21

Figure 1.7. Distribution of equity return correlations across Asian markets, 2024-2026 22

Figure 1.8. Portfolio flows to equity and debt markets in selected Asian economies, 2025 23

Figure 1.9. Equity valuation across selected Asian markets, 2025 24

Figure 1.10. Sovereign bond market activity, 2025 25

Figure 1.11. Public equity and corporate bond market activity, 2025 25

Figure 1.12. Capital raised in public markets by non-financial Asian companies, 2025 26

Figure 1.13. Changes in public market activity of non-financial companies, 2025 27

Figure 1.14. Monthly capital raised in public markets by non-financial Asian companies, 2025 28

Figure 1.15. Private equity and venture capital market activity, 2025 29

Figure 1.16. Private credit and syndicated lending activity, 2025 30

Figure 1.17. 10-year sovereign bond yields in Asia 31

Figure 1.18. Sovereign bond yields' exposure to global risks 32

Figure 1.19. Interest cost at issuance vs. effective cost of outstanding debt in Asia 33

Figure 1.20. Interest rate at issuance by sectors in Asia, 2025 34

Figure 1.21. Structure and maturity of outstanding sovereign bonds, 2025 35

Figure 1.22. Value weighted maturity of corporate bond issuances 36

Figure 1.23. Refinancing requirements in the next five years in Asia, by cost of outstanding debt 36

Figure 1.24. Investor base of government bonds and distribution of sovereign ratings 37

Figure 2.1. Performance of equity indices 43

Figure 2.2. Overview of companies with price-to-book ratio below 1, end of 2025 44

Figure 2.3. Distribution of non-financial listed companies by price-to-book ratios, 2026 44

Figure 2.4. Top three sectors with the highest share of low price-to-book companies, 2026 45

Figure 2.5. Profitability of low price-to-book companies in Asia 46

Figure 2.6. Capital efficiency of low price-to-book companies in Asia 46

Figure 2.7. Low price-to-book companies in Asia with potential to unlock higher value 47

Figure 2.8. Concentrated ownership and low price-to-book companies in Asia 48

Figure 2.9. Corporate ownership and low price-to-book companies in Asia 49

Figure 2.10. Institutional investor holdings in low price-to-book companies 50

Figure 2.11. Dividend payout and cash ratios of listed companies 51

Figure 2.12. Geopolitical and economic policy uncertainty in Asia 52

Figure 2.13. Development of value-up initiatives in Asia 54

Figure 2.14. Equity market performance following value-up programmes 57

Figure 2.15. Changes in company valuations following the launch of value-up programmes 58

Figure 2.16. Market liquidity and investor participation in value-up jurisdictions 59

Figure 2.17. Use of share buybacks in Asian value-up programmes 60

Figure 3.1. Universe of listed companies, 2025 66

Figure 3.2. Ownership of publicly listed companies, 2025 67

Figure 3.3. Institutional investor holdings in Asia, 2025 68

Figure 3.4. Institutional investor holdings by domicile, 2025 69

Figure 3.5. Share of Asia and MSCI indices, 2025 70

Figure 3.6. Institutional investor ownership in listed companies by index inclusion, 2025 70

Figure 3.7. Equity investment funds by management style 71

Figure 3.8. AUM of equity investment funds by management style in Asian jurisdictions, 2025 72

Figure 3.9. Holdings of the largest institutional investors in listed companies 72

Figure 3.10. Concentration of institutional investor ownership, 2025 73

Figure 3.11. Stewardship and fiduciary responsibilities of institutional investors and related intermediaries 74

Figure 3.12. Stewardship codes in Asia 76

Figure 3.13. Roles and responsibilities of institutional investors and regulated intermediaries 77

Figure 3.14. Distribution of survey respondents by investor type and assets under management 79

Figure 3.15. Presence of dedicated stewardship team among institutional investors 80

Figure 3.16. Distribution of institutional investors by size of stewardship team 80

Figure 3.17. Frequency of institutional investor engagement with investee companies 81

Figure 3.18. Forms and topics of institutional investor engagement 82

Figure 3.19. Key barriers to institutional investor engagement with companies 83

Figure 3.20. Main barriers to collaborative engagement 84

Figure 3.21. Voting practices and policies among institutional investors 85

Figure 3.22. Institutional investor dissent on management proposals 85

Figure 3.23. Integration of ESG factors into investment decisions by institutional investors 86

Figure 3.24. Investor activism campaigns by region and investor type 86

Figure 3.25. Activism campaigns in Asia by target jurisdiction, 2010-2026 87

Figure 3.26. Investor activism campaigns by subject, 2010-2026 87

Figure 4.1. Disclosure of human capital information by listed companies, 2024 96

Figure 4.2. Average training hours per year per employee, 2024 97

Figure 4.3. Employees represented by trade unions or collective bargaining agreements, 2024 98

Figure 4.4. Women employees, 2024 99

Figure 4.5. Reported injuries per million hours, 2024 100

Figure 4.6. Employee turnover, 2024 101

Figure 5.1. Global crypto-asset market capitalisation and transaction growth rate 110

Figure 5.2. Financial inflows to crypto-assets, June 2024-June 2025 111

Figure 5.3. Global stablecoin market capitalisation trends 112

Figure 5.4. AI-related M&A activity and venture capital investments in Asia 113

Figure 5.5. Inflows to crypto-assets linked to illicit financing activity 116

Figure 5.6. Value of losses from crypto-asset cybersecurity incidents 117

Boxes 18

Box 1.1. Overview of Asian capital markets 18

Box 4.1. Human capital, AI and disclosure 95

Box 4.2. Strengthening board oversight and stakeholder engagement on human capital matters 103

Box 5.1. Artificial Intelligence activity across Asia 113

Annex Tables 8

Table A A.1. Mutually exclusive regional classification used in the report 128

Table A A.2. Ad-hoc regional classifications used in the report 128

Table A A.3. Exclusion criteria for IPOs and SEOs 129

Table A A.4. Public offerings industry classification 129

Table A A.5. Sector and activity classification for tradable sectors 130

Table A A.6. Cleaning criteria for listed company information 130

Table A A.7. Regional classifications used for private equity and venture capital 131

Table A A.8. Categories of owners defined and used in the report 135

Table A A.9. Balance sheet information cleaning criteria 136

Table A A.10. Equity indices 136

Table A A.11. Secondary stock market liquidity information 136

Table A A.12. Sources of information for value-up initiatives 137

Table A A.13. Source of information for stewardship codes 138

Table A A.14. Human capital variables analysed 138

Table A A.15. Human capital metrics disclosed and women managers by region, 2024 139

Table A A.16. Reporting rate by region and industry, 2024 139

Table A A.17. Training hours, union representation, and turnover rate by region and industry, 2024 140

Table A A.18. Women employees and women managers by region and industry, 2024 140

Table A A.19. Reported injury rate and working hours policy by region and industry, 2024 141

Table A A.20. Average training hours by region, ROA P/E AND ROE quartile, 2024 141

Table A A.21. Employee turnover by region, ROA, P/E and ROE quartile, 2024 142

Table A A.22. Notable crypto-asset exchange related security incidents 142

Table A A.23. Crypto-assets: Key policy and regulatory developments across Asia 143

Table A A.24. Overview of ongoing CBDC initiatives across Asia 145

추천서가 (다양한 추천 자료를 만나보세요)

권호기사보기

권호기사 목록 테이블로 기사명, 저자명, 페이지, 원문, 기사목차 순으로 되어있습니다.
기사명 저자명 페이지 원문 기사목차

권호

기사명 원문보기 기사목차
닫기