The Analysis Of The System Economic During The Reform Of Non-Tradable Shares

Non-tradable shares, a unique Chinese stock-market designing mode which is different from developed countries' market, has its special function purpose to serve for state-enterprises reform. Just because of this special function, this rule cannot long exist as a customary regulation. For the designers didn't think of many factors and faults which can cause the non-tradable shares system appear some defaults when its functions have been finished. As a result, the reform of non-tradable share began in May 2005 and achieved partial success.The article divides into six parts. The first part briefly analyzes background and purpose of the research of the article, and mainly mentions the relevant document both here and abroad. And the article points the frame of the research and innovation research. The second part mentions the history of non-tradable shares, and used relevant System economic theories to analyze the endophytism of produce and existence of non-tradable shares. The third part briefly analyzes the existing questions and the influences of non-tradable shares, and expatiates on historical retrospection of resolving the question of non-tradable shares. The forth part is important part. This part uses the theory of institutional innovation, the theory of property, the game theory of the consideration and the theory of the cost benefit to analyze relevant phenomenon of the reform non-tradable shares systematically. The fifth part analyzes the meaning, the achievement and the existing questions of the reform non-tradable shares, at the same time. The sixth part is the concluding remarks, which is the summary of the whole article primitively.This article massively uses relevant System economic theories and data, combing with China's specific historical and structural background, to explain and the cause of non-tradable shares, the theoretic meaning of the reform of non-tradable shares, the effects of the reform to the market, the achievement of the reform non-tradable shares and the problem during the reform of non-tradable shares.