Empirical Study On The Impact Of The Split-share Structure Reform On The Performance Of Chinese Listed Companies

China's split share structure of listed companies is a special dual stake structure, which is the difference in the properties of circulate and transfer between the two kinds of stake on the Stock Exchange market: the state-owned shares which hold the position and legal person shares can not be listed in circulation, while only 1/3 of the public shares can circulate. This China's stock market "inherent weaknesses" have since been the trouble to China's securities market, which has become one of the reasons for healthy development. Since have recognized the danger of split share structure, management over the years has been trying to heal this market "Malignant tumor".After lengthy discussions and testing, in May 2005, the split share structure reform launched, in August, the share-trading reform fully open. So far, the split share structure reform has been going on for three years. Now, the split share structure reform has entered the stage of end. Then whether this unique reform to China's securities market bring about major changes to the enterprise? After the split share structure reform, whther the enterprise performance rise? This is the main purpose of this study.In this paper, two groups are selected to be sample , a group is the companies which have completed reform; another group is the corresponding samples. This study use from 2004 to 2007 four years of data, 10 performance indicators which will benn concentrated after the principal component analysis. At last we can get the comprehensive performance scoring. Then horizontal compare scoring between the two samples, and vertical compare four years performance. The next step is to analyse the reason for the change in performance. At the end, some advices to enhance enterprise performance are proposed.