Research On The Shareholders Structure Reform Effection Of The Market Reaction

Shareholders structure reform is the unique phenomenon of China's stock market, reflecting the continuity traditional economic structure in the embryo of the new system. Shareholders structure reform has implemented more than two years, which produce a positive role in restoring investor confidence and improving the quality of listed companies and rational allocation of resources. Shareholders structure reform is a mandatory system of reform in China, as this point in time on June 30, 2007 has been completed, this paper analyze market effectiveness befroe the shareholders structure reform and after, and deviated and reaction degree of the intrinsic market value, in order to test the completion of shareholders structure reform from the angle of market reaction effectiveness.Based on Empirical research, in addition to standardize research and adope the case research and regression analysis, the focus on share reform is to analyse market reaction effectiveness. Market reaction effectiveness is not only a main indicator of sound development of the capital market, but is the basic premise of many traditional theory, adopting general case studies and unusual market phenomena to study the market reaction effectiveness. But we know from excessive reaction of stock market, the excessive market reaction is a good way to study the market effectiveness. This paper mainly using accumulated surplus revenue model judgment has completed share reform to market effectiveness in Shenzhen manufacturing list companies, whether is causing excessive reaction or lack of reaction and the degree of market effect to analyze effect of listed company, related to manufacturing interest group redistribution use residual income valuation model to compute the intrinsic value of manufacturing sector of listed companies and companies with price per share to judge whether the relevance of the intrinsic value and price per share. This paper can be used reference in building stock full circulation after completion of share reform, as well as es establishment of an effective market theoretically provide realistic foundation.