Ownership Structure And Equity Liquidity Changes

In this paper,equity ownership structure and liquidity is my study subject.Firstly, I begin with enterprise theory and share company system history,and analysis the impact by the outside element of social,political,literal,economic institution.Secondly,I study effect on corporate governance from equity ownership structure in our listed company.The key question is"Only one share-holder is big"of state-owned share,owner being absent from duty and the segmentation of share liquidity,so we should reform the system of liquidity.I also think that this reform should adapt with our enviroment of our system in economy transition stage,and with a dual share right structure.From the viewpoint of these,the author design the transitional market,so that the illiqudity share can be traded in the semi-currency or quasi-currency market.At last, author use VaR theory,Liquidity Risk Theory and Backward Stochastic Differential Equations theory ,to study the future situation of illiquidity share transitional market.The result is that the many goals of us will be got through by this project.In chapter 1, I discuss about enterprise theory and share company system history.Comments on the current research of these issues have also been made in order to achieve a clear guidance of the rest parts in this dissertation.In chapter 2, I discuss the governance mechanism both inside and outside in the listed companies.I analyse the effects of partial untradability of a company's shares on corporate governance,and point out that we should found the transitional trading market.At this market,two kinds of share is traded by slow and faster velocity.In chapter 3,this paper analysises three major ownership structure models in overseas countries such as the German-Japanese model, the Anglo-American model and the East Asian model, then investigates the fractions of shares held by different share-holders during the past ten years.Based on the international comparison, this paper plans the future main features of Chinese listed companies'ownership structure.In chapter 4, this paper investigates the institutional changing process of China's state-owned listed company.The ownership structure came into being abreast with the development of stock markets ,while the reform of state-owned enterprises entered a new stage of corporatization. The untradability of state shares and legal person shares is inevitable since China's overall reform is carrying out gradually. As for making all the state shares tradable, it should take rather long time, for this involve of huge quantities of shares. If we make so many share tradable in a short time, we will blow the stock market deadly.So the govnment is due to solve this question,and make the same policy to all listed company to get the stable goal ,in case of finance crisis.In chapter 5, I miss the decreasing stated-owned share work of government,and compare two typical project in this area.I set some goal to the transitional system.The author thinks that the special equity structure characterized as"Only one share-holder is big"and"Only part of the shares are publicly tradable"attributes to various drawbacks of China's stock markets,points out that overcoming these drawbacks depends on equity structure optimization .the author gives some suggestions on how to realize the optimization of equity structure .In chapter 6,this paper discusses the unsame betweem micro-contract and macro-contract in finance.I make the detailed project of our key question.In chapter 7, we use liquidity risk therory,to analysis the transitional share market. Liquidity risk is the essence of state owned share question. this paper presents the scheme on optimization of China's listed companies'equity structure,It is that State should give a transitional term,in case that it will blow the A share market index.In chapter 8,I analysis the transitional market by Backward Stochastic Differential Equations Theory ,to study the future situation of illiquidity share transitional market.The result is that the many goal of us will be got through by this project. Two market will get same price,and return is taken up by risk primium in this long term.In chapter 9,we use VaR theory to build a model to show falter price gap between transitional stock and A stocks.I think that the price gap of two kinds of stock is not stable,so we can not make price of illiquidity share,and we must set up the transitional share system.In transitional term,we give the trade right to illiquidity share gradually.