The Performance Analysis Of Share-separating Reform

With the depth development of the economic reform and the continuous deepening of the market economy, the original system designed problems and the deep-seated structural problems of the stock market have become increasingly prominent, and a direct impact on the healthy development of the securities market. The stock market exposed a large number of problems traced its roots is the "share- separating. "The institutional design of China's stock market caused by the "inherently deficient", it should be said that the market's awareness of its dangers is already conclusion, over the years the management have been attempts to solve it , from the transfer of state-owned shares to cash placing and then to the state-owned shares underweight, with both ending in failure. The success of the share- separating reform not only is the hope of the overwhelming majority of the shareholders, but also are the management and capital market experts looking forward to.This paper uses the logic of history, and the legacies, empirical methods and standardized method, static analysis and dynamic analysis methods linked to the new system and the neo-classical analytical methods consistent method of China's reform of the share- separating Jin performance analysis.Based on the monthly data using PP unit root test, Granger causality test, Arch effects testing, and so on the measurement methods , the paper make the empirical research between the share structure reform before and after the macroeconomic and stock index of the relationship, and make the conclusion: 1,Before the share-separating reform, the macroeconomic have an annual upward trend, although , stock index and macroeconomic index divergence between the stock market and macroeconomic does not play a "barometer" of the value-added functions and investment, the company valuation is too low, this very big dampened the confidence of investors. After the share- separating reform, the stock index and the macroeconomic index and showed the same trend, the stock market active response to the sensitivity of the information, play the stock market allocation of resources inherent in the function of price discovery function of the economy "barometer" of functional and investment value-added functions. 2,Through the share- separating reform, not only stock index rose, and the important is the observation and analysis of 2006 and 2007 of the company's financial statements found that the overall profitability of the listed companies have a large degree of increase. Therefore, we can say that this share- separating reform is effective.