Chinese Listed Companies Set To Reform The Efficiency Of Empirical Studies

Split Share Structure refers to the circumstance under which non-tradable share and tradable share coexist in listed companies in China. Split Share Structure restricted the efficiency of resources allocation of Chinese capital market and the efficiency of corporate governance from various aspects. Split Share Structure Reform has been concerned by the academic circles in May 2005. This paper studies the efficiency of the Split Share Structure Reform on Chinese capital market and corporate governance and how to measure the efficiency. Based on the analysis of the causes of Split Share Structure and the influence of Split Share Structure Reform, this paper defines the efficiency of Split Share Structure Reform into two aspects. The first is the short market efficiency and the second is the long corporate governance efficiency. Then, based on related indices and datas, this paper studies the efficiency empirically from the two aspects.Based on the theories of capital market and corporate governance, this paper studies the causes and impactes of the split share structure reform and defines the efficiency of the split share structure reform. First, using the way of event study, this paper studies the market efficiency of the split share structure reform. Based on the valid sample of 939 listed companies in the front 40 batches and on the indices of AR, CAR and TCAR, this paper studies the short time market efficiency of the split share structure reform. The study findings reveal that the split share structure reform has positive effect on the stock market. Considering the long-term effects of the reform, based on the four period's datas of listed companies, with the corporate governance performance indicators and using the method of the paired-sample test, this paper studies the efficiency of corporate governance of the split share structure reform. The study findings reveal that the efficiency of the corporate governance of Chinese listed companies has an improvement obviously and the improvement comes from main businesses. So, the split share structure reform has high and long efficiency.The characteristics and innovations of the paper are embodied in the following three aspects: first, this paper defines the efficiency of Split Share Structure Reform into two aspects—the capital market efficiency and the corporate governance efficiency. Second, this paper studies the market efficiency of Split Share Structure Reform using event study method which provides a method to the evaluation of the market efficiency of Split Share Structure Reform.. Third, using matching sample T test and Wilcoxon test, this paper analysises the corporate governance efficiency indicators of Split Share Structure Reform and measures the efficiency of Split Share Structure Reform from the corporate governance.The research results of this paper not only measures Split Share Structure Reform efficiency from more comprehensive aspects and compensates for the inadequacies of the existing studies. The empirical research methods of this paper provide an efficient way to the evaluation of Split Share Structure Reform efficiency and provide some ideas and methods to the future events study.