The Reform Of Non-tradable To The Influence Research Of The Chinese Stock Market

The reform of non-tradable is the system change of the Chinese stock market, it openned locks of the chinese capital market to open-reform and stable development, and spread the road of norm development for the chinese capital market. In the process of the reform of non-tradable, the market exposed a lot of problem, the almost each one step reform wants to cause confusion and arguement, so the reform is difficult, but is also deep, After these problems resolved, the Chinese capital market started head for norm development, the risk of the market also got to release gradually.Since 2001, the Chinese stock market experienced a deep edge crisis and lose various function, the market confidence was exhausted. Under this background, social public launched a discussion of the problem to the ownership of a share and non-tradable.They also analyze the history source of non-tradable in Chinese stock market and get some theories standpoint.On April 29th in 2005, The reform of non-tradable started and make progress quickly.The market also examined past problem constantly.After one year,I carries on a research to some problems that the ownership of a share places separately again,I can get more market verifications.I mainly use the theories of the economy and law to analysis the theories foundation of the reform of non-tradable. using the Game theory to provide the establishment of the price project, and make use of the ADL-ecm model and the affairs research to analyze the variety of the stock market before and after the reform of non-tradable.Then I get a conclusion that the reform of non-tradable make a positive effect to the Chinese stock reform.