Research On Impact Of Full Circulation On Operating Performance Of Listed Company

August 15,2009,it was the first time that the number of the A shares in circulation was more than the non-tradable shares. For a time ,the full circulation of A shares has been the focus of discussion in 2009.It has been one year from the first share to achieve full circulation. Full circulation is a significant change to our stock market. Did it really solve the problem of stock market ? What did it bring to the enterprise? Did it impact the operating performance of the company?With the thinking on these issues, through the analysis of the shareholding structure and the characteristics of the listed companies,we did both theory and empirical research on the impact of full circulation to the operating performance of the company.In China, Shareholding structure of tradable shares and non-negotiable set broader market for equities, and the non-tradable shares in a monopoly position. We conducted a in-depth analysis for the split share structure. Through the theoretical study, we achieved the expectation that full circulation will help improve operating performance of listed companies.Our empirical studies showed that :After the realization of full circulation, operating performance improved compared with pre- full circulation;After the realization of full circulation, operating performance of the appropriately distributed corporate equity have been improved more significantly than the share high concentration.