Event Study Equity Division Reform Of Listed Companies Assets Into The Company's Stock Price And Its Basic Meaning

This paper concludes the difinition of Assets Injection. By using CAPM modle, this paper justifies the purpose of the Reform of Untiadable Shares. The unique shape of Accumulated Average Abnormal Rreturn for a special tpye of Assets Injection, which is used as a compansation from untradable shareholders to common shareholders, when convirtng their stocks to common stocks. It is also tested that Assets Injection has not any extra function to the well-studied Assets Restructruing. The approch to the result of this paper also confirms the Stepping Model, through fails to justfy the effectiveness of CAPM model. This paper also finds the difference of the CAAR curves between stocks listed in Shangai Exchange and Shenzhen Exchange, through without giving further explanation.