Study On Share Reform Commitments Of Controlling Shareholder In China's Listed Companies

Share reform is the revolution of basic system in China's capital market, has completed basically and got great achievement in more than one year. Reform scheme is the core of share reform, studying on reform scheme mainly focuses on consideration, however, share reform commitments as other part of reform scheme is studied less, studying on share reform commitments is necessary to overall understand share reform. Share reform commitments is the compensation for circulation share holders from non-circulation share holders except consideration and a behavior of non-circulation share holders reforming sincerely. As an important component of reform scheme, it plays an important part in share reform.Most of controlling shareholders make commitments in reform scheme, but its are various. This paper firstly classifies share reform commitment into stabilized share price commitments and corporate performance commitments according to target of commitments, and make detailed analysis of these commitments. Based on this , analysis of characteristics of different commitments listed companies, including financial characteristics, corporate governance structure characteristics and distribution of industry, and make a analysis on difference between commitment and non- commitment in finance and corporate governance structure .The results of independent sample T test show that, both of them have significant difference in finance, especially in earning ability, growth ability, and the former much better than the latter. But they have not significant difference in corporate governance structure. Secondly, by using event study, analyzing the impact of share reform commitments on share price and how about the market response, mainly analyzing stabilized share price commitments and corporate performance commitments. Empirical results show that, listed companies of stabilized share price commitments have significantly positive cumulative abnormal return in event days, that is , stabilized share price commitments impact on share price positively, play a part in stabilizing share price; but in the corporate performance commitments, except append stocks commitments, listed companies of receive dividend commitments and assets injected commitments have significantly positive cumulative abnormal return in event days, impact on share price positively, market runs well. At last, analysis the performance of commitments, up to the present, various commitments carry out well.