| When stock market was established in China, the controversy about whether it belongs to socialism or to capitalism was still going on. In this political background, in order to keep the primary status of publicly-owned economy, policy-makers chose to actualize the non-tradable shares system, which is making the proportion of state-owned shares and corporate shares to the total shares up to two-part, limiting the free circulaiton of the two kinds of shares in the secondary market. Even in very special occasion, the transferential price is not market price, but net assets per share plus premium.In fact, in the special historical context, non-tradable shares system is a makeshift, which promoted the development of stock market. But with the genaral adoption of the market principle, non-tradable shares system has seriously baffled the healthy development of stock market.The different utility function between non-circulation shareholders and circulation shareholders caused by the non-tradable share system gives the non-circulation shareholders motivity and ability to maximize their benefits through damaging the corporates'interests; institutional investors cannot get corporates'masterdom through purchasing stocks under the non-tradable shares system, which is to say the general adoption of non-market principle of masterdom makes the inside controller have no stress to improve corporates'performances; the upper two approaches then make institutional investor and personal investor give up their own investment stratigies and become speculators. All the problems mentioned in the above paragraphs have been particularly researched by scholars, but it is a pity that seldom scholars discussed the harmness of non-tradable shares system from the risk point.This paper is divided into six chapers, and each one's content is briefly described as follows:Chapter one—the institutioal risk related literature reviews. This chapter is aimed to summarize and appraise the institutioal risk related literatures. There is no institutional risk in abroad stock markt, and nearly no domestic schalors analyze the non-tradable shares system from institutional risk point, so this chapter mainly comments on the literatures of shareholder structure and non-tradable shares system.Chapter two—the academic analysis on institutional risk of non-tradable shares system.This chapter is the most important part of this paper, aiming to analyze the influence mechanism from the two aspects of listed companies and stock purchasers. Based on this analysis, it also gives two research hypothesis to provide academic support for the following empirical research.Chapter three—the model design: forming mechanism of non-tradable shares system institutional risk.This chapter is the transiton one between academic analysis and empirical inspection, with the purpose of constructing empirical model.Chapter four—the empirical research of institutional risk under non-tradable shares system in Shanghai stock market.This chapter researches the quantitative characteristics of institutional risk undre non-tradable shares system. The results of model test lead to the conclusion that there is a cubic function relationship between the proportion of non-circulating shares and the institutional risk under non-tradable shares system, and there is a positive correlation between ownership concentration and the institutional risk under non-tradable shares system.Chapter five—the economic explanation of forming mechanism of institutional risk under non-tradalbe shares system.This chapter is based on the empirical research result, and tries to explain it from the economic point, hoping to give some revelation in future policy establishment.Chapter six—conclusions and expectations.This chapter summarizes the paper's conclusions and points the further research direction.Through the above analysis, this paper forms its own research features in the following two aspects: Firstly, deep analysis on the influence of non-tradable shares system. The present research commonly analyzes the non-tradable shares system's effects on performance of listed companies. This pape will concentrate on the institutional risk caused by non-tradable shares system, which reveals the deeper inflence of non-tradable shares system on stock market.Secondly, the empirical analysis method. Compared to present research , this paper doesn't only definitely define the institutional risk under non-tradable shares system, but also separate it from systematic risk and research its quantitative characteristics. |
