Asymmetric And Its Governance Of The Chinese Stock Market And Investment Income

The action of saling state share failed in December 1999. In June 2001, our government carried out the policy of saling state share in the stock market again. However, because saling price was market price and its purpose was financing social protection fund, it failed again. As the change process of this saling state share changed from start to end, domestic theothetical field and stock field discussed China securities market problems heatedly. Though the discussion focused on saling state share initially, share-right divided system was gradually regarded as the source producing many contradictions in Chinese stock market under the special historical environment as the discussion deepened. As a result, the focus of discussion was concentrated in the reform of all-share floating. Under this background, the study object of the dissertation is the asymmetry of investment benefit among different shareholders. The title is "Study on the asymmetry of investment benefit and its governance. The purpose of study is to reveal the asymmetry of investment benefit based on cash divident between non-floating share shareholders and floating share shareholders, theothetically analyse the source caused this asymmetry problem and its harmfulness, and systematically explore the basic measure-- "reforming all-share floating its related problems" for changing the asymmetry of investment benefit.In the process of study, the combination between experimental analysis and theothetical analysis will be applied. The dissertation also applies the research methods of cost-benefit analysis and historical analysis. The main reseach methods are comparative analysis and system analysis. The topic is concentrated on the asymmetry of investment benefit in Chinese stock market. The dissertation includes 7 chapters.In Chapter 1, based on the theory of stock market function and the theory of North's institution and its change, the dissertation uses the thought of institution deciding function to build a theothetical explanation model for rationally explaining the asymmetry of investment benefit in Chinese stock market.In Chapter 2, consulting the theothetical and experimental research results about the discounts of marketability completed by American learners and cases in court of justice in America, the dissertation applies IPO method experimentally to study the marketability discounts of non-floating share of B-share listed companies. By comparing between two research results, the relative rational standard of non-floating share-right's marketability discount in Chinese stock market is determined. Based on the above research, the dissertation estimates the rational spill-price level of the listed companoes' IPO in Chinese stock market.In Chapter 3, using the above standard, the dissertation divides the investment cost to listed companied into two parts: normal part and excess part, and divides the comparation of investment benefit rate between floating shareholders and non-floating shareholders into two situations: normal asymmetry and anormal asymmetry.In Chapter 4, the dissertation applies the theothetical explanation model built around the thought of system deciding function, the theory of stock market function and North's system change theory to explain the reasons and essence of the investment benefit asymmetry in Chinese stock market. Chapter 5 analyses the harmfulness of the investment benefit asymmetry in Chinese stock market.In the last two Chapters, after reviewing the practice process of all share floating reform, the dissertation compares among the design programmes of exploring all share floating reform for achieving some important enlightenment. Based on these analyses, this dissertation puts forward a new synthetical reform design about solving the investment benefit asymmetry in Chinese stock market.