Split share structure reform is an important event in Chinese securities market. It issignificativetostudytheinfluenceofthereformonstockmarke,analysethereasonofmarketfluctuation.With the study, it is easy to guide the following work of split share structurereformandrealizethebenigndevelopmentofcaptilmarket.On the basis of concept definition, this thesis analyse the influence of the desterilizationofnon-circulationstocksonstockmarketbyTobin'sQ,crowding-outrffect,groupbehaviortheory,focusingonthearbitragemotivationofnon-circulationstocksshareholders,thesupplyanddemandrelationofstockmarket, andtheconfidenceofinvestors. Then,thisthesis collectdata of the desterilization of non-circulation stocks and stock market efficient indexes, from06.2006 to 12.2009, and analyse the relationship between them by correlation analysismethod. The result shows the desterilization of non-circulation stocks are related to the stockmarket efficiency, especially a negative correlation between the desterilization ofnon-circulation stocks and SSE composite index. So, the desterilization of non-circulationstocks is one reason of the decline of stock index. On the basis of analysis, this thesis listssome political suggestion to lessen the impact of the desterilization of non-circulation stocksonstocksmarket,andensurethesplitsharestructurereformtobesuccessed. |