Influence And Countermeasure Study On The Reform In Share Separation For Corporate Governance Of Listed Company

The pilot reform of non-tradable shares was started by China Securities Regulatory Commission on Apr 29th, 2005. Split share structure means parts of the share circulate in the stock market while others don't. In the arrangement for the Equity structure, there are separations between the circulating stocks and the non-circulating stocks. As a system has historical legacy defects, split share structure restricts the well development of the capital markets and thorough reform of the state property manage system in many ways. We found that the reform of Split share structure is necessary and urgent because which made the listed-companies hard to manage. The core of the reform of non-tradable shares is to clear up the problems of the non-circulating stocks, reducing, negotiating and push them into the stock market so as to realize the whole circulation and put the capital markets into full play in the allocation resources. Generally speaking, reform the non-tradable shares change the unreasonable equity structure and improve the corporate governance efficiency.In corporate governance of listed company, the equity structure is the foundation of corporate governance and the main determining factor of it, and the different corporate governance structures also have a significant impact on enterprise performance. Therefore, the equity structure has a influence on enterprise performance through the corporate governance. So, we reserch how reform of non-tradable shares effects the corporate governance of listed company also means that we would study the problems that Equity structure effects the enterprise performance. What influences did the reform of non-tradable shares do to the listed company through more than two years? What is the change did the reform of non-tradable shares effects enterprise performance? These are the key points in the thesis. On the basis of studying much famous works and theoretics, it will demonstrate the influences that Equity structure gets to enterprise performance after the reform of non-tradable shares and give some suggestions as well.This thesis is divided into five parts. The first part elaborates some theoretics about corporate governance; the second part introduces the meanings of split share structure and the influence to Corporate Governance of listed company and the influence of reform of non-tradable shares to Corporate Governance of listed company; the third part mainly discusses the relation between equity structure,Corporate Governance and the enterprise performance of listed company; the fourth part gives the demonstration analysis, demonstrates the influences to Corporate Governance of listed company in the area of equity structure, finds the change of enterprise performance by analyzing the statistical results. The last part is the measures and suggestions. The emphasis and difficulty in this article is the fourth and fifth part. The fourth part is the core, which gives a scientific judgment to the influence to enterprise performance by statistic knowledge. The fifth part brings suggestions on the basis of the fourth parts'results. The last two parts are the key points of this thesis.