2026年亚洲资本市场报告

Asia Capital Markets Report 2026 Asia Capital Markets Report2026 This work is issued under the responsibility of the Secretary-General of the OECD, and does not necessarily reflect theofficial views of OECD Member countries. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European Union The Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Kosovo*: This designation is without prejudice to positions on status, and is in line with United Nations Security CouncilResolution 1244/99 and the Advisory Opinion of the International Court of Justice on Kosovo’s declaration ofindependence. Please cite this publication as: OECD (2026),Asia Capital Markets Report 2026, OECD Capital Market Series, OECD Publishing, Paris,https://doi.org/10.1787/08f87bed-en. ISBN 978-92-64-33713-8 (print)ISBN 978-92-64-71082-5 (PDF)ISBN 978-92-64-67860-6 (HTML) OECD Capital Market SeriesISSN 3006-5801 (online) Photo credits:Cover © Eugene Mymrin/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2026 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword Thissecondedition of the OECD Asia Capital Markets Report provides an overview of capital marketdevelopments across the region. It opens with a chapter ondevelopments in 2025, followed byanalysison stock valuation(Chapter 2),institutional investors(Chapter 3) andhuman capital(Chapter 4). A focuschapter (Chapter 5)explorescrypto-assets.The reportdiscusseskeytrends, opportunitiesand challengesin these areas.Each chapter includes policy considerationsfor policymakers and regulatorsoncapitalmarketdevelopment across the region. Chapter 1 examines recent developments in Asian capital markets, highlighting their diverse levels ofdevelopment and the dominant role of larger markets. It shows how heightened trade policy uncertaintyand geopolitical tensionsin2025and early 2026have increased market volatility, affected capital flowsand shaped financing conditions acrossmarket segments. The chapter also analyses shifts in corporatefinancing, including greater reliance onsecondaryequityofferings, alongside developments in privateequity, corporate debt and sovereignbondmarkets. Chapter 2analysesthe widespread phenomenon ofstockundervaluation across Asian equity markets. Itanalysesstockvaluation trends, shareholder returns andpayout ratios, and explores the structural factorsdriving patterns, including ownership structures, capital allocation practices and investor participation. Thechapter also reviews the emergence of “value-up” initiatives across the region, comparing their design andearly outcomes. Chapter 3 examines the role of institutional investors in Asian capital markets, includin