A Study On The Shareholder Structure Reform Of Listed Companies In China

The state-owned enterprises occupy the overwhelming majority in the listed companies in China. The shares of a listed companiy were divided into three parts according to the shareholders' character. They are state-owned shares, institutional shares and individual shares. The state-owned and institutional shares aren't traded, which makes a particular phenomena of shares partition.The article makes a descriptive statistics with the state of shares partition before the shareholder structure reform.There are historical reasons which produce shares partition. Shares partition makes the negative infection to the develope of stock market and the listed companies. By using the new research achievement on the"minority shareholders'benefit protection"and collectting the state-owned Shares transfer price from 2001 to 2004 as research sample to analyze the protection of minority shareholders rights.The result of research shows that the minority shareholders rights and interests aren't improved with the development of exterior supervising and legal system. Shares partition is the main reason for this result.The article studys the 2005'shareholder structure reform in China.The article makes a descriptive Statistics with the pilot reform and the three batches of reforms and the pop types of consideration. Finally, the article gives some advice to government for the stock-market's instability after finishing the shareholder structure reform.Profiting from the model of the Tracker Fund of Hong Kong which contributes to defending the stock market against Asian financial crisis and considering of native policy and market environment, we can utilize the ETF50 in Shanghai Stock Exchange to settle the problems .