| Split share structure is an unique reform in China’s stock market, the shares of the listed company be divided into non circulation shares and circulation stock.lt means2/3of the shares, which is mainly state-owned shares and legal person shares,can not be listed in circulation. This shareholding structure could play an important role, when the state-owned enterprise need raise funds and change the system.But, along with the function of China’s capital market continuous improvement, the limitations come to the surface of the water. Split share structure is the fundamental reason,which lead to the interest difference of state-owned shares and legal person shares, made interest foundation of the company vanish like soap bubbles,and become a obstacle on the road of buliding chinese modern enterprise system. Non-tradable shares reform is an important institutional change in China’s stock market, there has been six years since the implementation date in the year of2005, and China usher is in the time of the full circulation. What benefits have the changes brought up to the listed company? Could it improve the performance of listed companies? And, how to affect firm performance? Based on these, in this paper, non-tradable shares reform of listed companies performance influence was to be explored and studied.On the foundation of review related documents at home and abroad, this paper with the reform of non-tradable shares as the research starting point, on the shareholding structure for bridge. From the perspective of corporate governance on the relationship between shareholding structure and corporate performance is analyzed, study the performance of non-tradable shares reform on listed company at the theoretical level. Then put forward the assumption of this research from three aspects, which is the ownership concentration, ownership property and equity circulation. At the same time, explaining the the different degree of influence in the relationship of the non-tradable shares reform with the equity concentration,equity balance degree, the proportion of state-owned shares, legal person shares, managerial ownership, institutional investors and the proportion of circulating stocks proportion and company performance of the listed companies. At the last, the empirical findings and theoretical implications are summarized, and put forward some corresponding policy recommendations. |
