On The Reform Of Non-Tradable Shares In China's Securities Market

China's securities market has been developed for fifteen years, and gained huge achievement, but it still has some system defections. Due to the special history reason, it forms two different kinds of shares, which are non-Negotiation shares and Negotiation shares, and it causes the two kinds of shares "same shares different prices and different rights", this phenomena goes by the name of "Non-Tradable Shares". Non-Tradable Shares is one of the ultimate problems which restrict China's securities market to develop healthily. According to the common principle in Institutional Economics, Non-Tradable Shares will lead to increase the exchange fare and the society cost, and decrease the efficiency of the resource configuration, along with the development of China's securities market, the Reform of Non-Tradable Shares is imperative under the situation. The article is divided into six parts:The first part explained the conception and the formation reason of Non-Tradable Shares, it definitely pointed out the similitude and differentia among the Reform of Non-Tradable Shares, Full Circulation and State stock Reduction. In addition, it clarified that Non-Tradable Shares Reform was the reformation which can consummate the market foundational system and operational mechanism, its significance not only consists in avoiding the difference between non-Negotiation shares and Negotiation shares, and solving history problem, but also consists in creating conditions for other reformations and innovations in securities market.The second part detailedly introduced the history of sloving Non-Tradable Shares in China and the measures of the experimental unit in Non-Tradable Shares Reform at present. It indicated the collectivity way and the performance principle that the government carried out the experimental unit reform, and the train of thought about Non-Tradable Shares' actual circulating restriction after it got the circulating rights.The third part, out on the fundamental interests of Non-Tradable Shares Reform's participators, who are the management and the holders of non-tradable shares and the holders of tradable shares, analyzed all the participators may take place the process of Game in Non-Tradable Shares...