Non-tradable Shares Reform And Common Stock-holders Benefits Profect

Non-tradable shares ,a unique Chinese stock-market designing mode which is defferent from developed countries'market ,has its special function purpose to serve for state-enterprises reform.Just because of this special function ,this rule cannot longly exist as a custormary regulation.For the designers didnot think of many factors and faults which can cause the non-tradable shares system appear some defaults when its functions has been finished.When the function of a system got unlimitedly largende then the possibility that it is abandoned by reality also increased because it ignored the other adverse factors which can impede its operation.As in non-tradable shares the designers think more of function to serve for state-enterprise for finance money-lacking problem,but many adverse factors still exist around this system.This article I try to discover its leaks and its effects on stock-markets and many commoyn share-holders.From the culture aspect,the emperor's idea and mass's has a relevent "same-construction",this phenomenon exists in china over thousands years,this surely has an effect on today's Chinese.From institutional economics aspect,non-tradable share is a non-efficient instituition because it has not a generality character.From the angle of law,the leak has made our market,listed companies and many common stock-holders pay a high tuition.It cannot be ignored that specially common share holders' lose their ownership benefits.All in one,to carry out a institution should not only to solute current questions,it should also consider the hidden cultural,civil history subnormal rules.In manyconditions,these subnormal rules really work.Obvious evidence is in non-tradable shares.