A Study On The Issue Of Corporate Conduct In The Non-Tradable Share Reform

This paper mainly, on the capital market theory and the past behaviors of China's listed companies, reveals the possible motives behind corporate conduct in the non-tradable share reform.Stock right putting divided in China is a unique phenomenon. When the consequences of this phenomenon seriously impeded China's capital market's healthy development, the non-tradable share reform became a reality. The studies on the non-tradable share reform mainly concentrated in the needs of the non-tradable share reform, the impacts on China's capital markets, the features of the process of reform, the stock market reaction to the change, the protection of shareholders, the comparison of the stock reform program. The researches mainly focused on the consideration, the consideration game, the consideration legal basis, the right consideration formula, the elements of influencing consideration, the consideration paid to the means, the relationship between the consideration and corporate perform and the choice of consideration ways. Apart from the consideration payments, the study of corporate conduct is little. This paper shares the objects of corporate conduct in the non-tradable share reform, is the main content about the installment payment number and consideration ways, it looks for the relationship among the company performance, concentration of ownership, refinancing qualifications, and the relationship between corporate behaviors. It reveals possible motives behind, and analyses the motive causes; and provides some useful information for improving the corporate governance and strengthening market supervision.This study idea bases on "economic man assumptions", the principal-agent theory, the theory of signal transduction and the pecking order theory. Firstly it describes the cause of stock right putting divided and the course of the reform; secondly, provides the hypotheses combining the theory of corporate conduct and the past perform of listed companies in China; thirdly, went to the hypothetical empirical research and statistical description and analysis; finally, reaches conclusions and recommendations.The paper adopts the research methods of empirical analysis and normative analysis, qualitative analysis and quantitative analysis, based on the extensive collection of domestic and foreign company behavior.