Listed Companies Tradable Share Reform Results Of Empirical Analysis

To actively boost the reform of stock right splitting is the most significant task faced by China capital market in 2006. The reform is changing the operating pattern of stock market, and concerned by lots of people. through the passed two years'efforts, the reform has make the operating mechanism of Chinese stock market is close to the international conventions, and the appraisal system of non-tradable shares changes greatly. This thesis focuses on the enhancement of asset utilization and improvement of the operating performance.This thesis focuses on positive study,which concerns with the results of reform of stock right splitting. The findings are: the reformed companies over performs than other companies. Reform of stock right splitting has positive effect on the operating performance. Further there is a negative relationship between the debt ratio and operating performance.Based on the modern economic theory, this thesis discusses the reasons of the study results in details. And it present some expectations of the reform of stock right splitting and some feasible suggestions.