Research On The Influence Of The Efficiency Of Chinese Stock Market By The Reform Of Non-tradable Shares

Split share structure is the important system obstacle of restricting stability and sound development of stock market in our country at present . Because the existence of this system defect, made the circulation stock shareholder and the non-circulation stock shareholder of listed company in our country lack the common interests foundation ,the price mechanism of stock market is distortion, the efficiency of resource distribution is low. Since May of 2005, the officials carried on pilot reform of non-tradable shares ,fully under way subsequently, now, the reform of non-tradable shares have already closes to the stage of breaking newly and oldly. So the research to the problem of split share structure ,also should from the issues of whether should reform, how reform ,etc., turn into such questions whether the stock market of China could get onto the right track of sound development after the reform, whether stock market resource distribution efficiency could get great improvement ,etc. This text puts the impact by the reform of non-tradable shares on the efficiency of Chinese stock market as the research object, accord with the present situation , have certain theory and realistic meaning.Besides foreword, summary, this text is divided into four seals altogether:Chapter one :It is the theoretical foundation part.Using the property right theory, agent-principal atheory, control right theory , liquidity theory and the research by domestic scholar to the problem of split share structure, as the theoretical foundation of explaining why put reform on split share structure. Chapter two:To analyze the issue that the history and current situation of split share struction .mainly introducing the historical reason of split share struction formed, the negative effect that the split share struction made on the stock market of China , the attempt that government put reform into the split share struction in the past, the mode to this reform on split share struction, and the supplementary measures that government take. Puting issue from history and current situation.Chapter three:To analyze the impact that the reform of non-tradable shares will take to the efficiency of stock market .First ,it carry on the demonstration analysis to the efficiency of Chinese stock market , judge present efficiency state , then use relevant analysis technology and T examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of Chinese stock market , and then ,put qualitative analysis on the reason of low efficiency of Chinese stock market and the uncertainty change of Chinese stock market after reform , to investigate the influence degree on the efficiency of Chinese stock market by split share structure .Chapter four:put forward the policy recommendations on improving the efficiency of...