The Analysis Of Domestic Securities Supervise After The Stock Reform

After the stock reform,the market has been in the stage of full circulation. We have found there have been many new irregularities,which is the result of the circulation of the non-circulation share.The new irregularities include the price rigging of the substaintial stockholder,insider control and the problem in the field of acquisition. In this thesis we will analyse the new challenge from the three new field and make some suggestion about the supervision.On the traditional view of regulation economics,the necessarity of the regulation is made by the market failure and the incompletence of law.In the thesis ,we will analyse the new irregulations after the stock reform and calculate the CAR(cummulative abnormal return) by the event study.Through this way ,we can calculate the loss of the small stock holders in the listed company.And we can provide the quantizing punishment for the government.There are five chapters in the thesis:In the first chapter,we will introduce the research background of the thesis,the development of the ecnomic theroy and the reseach approach.In the second chapter,first we analyse the reason for the market supervision and give the answer such as the market failure and the incompletence of law.The market failure includes the information asymmetry , manipulation and monoply,and the Externality.The incompletence of law includes the delay of the legalization and enforcement.In the third chapter,first we introduce the domestic supervision system and the process and effect of the stock reformIn the fourth chapter,we give the detail of the new irregulations after the stock reform.Such as the information disclosure and the insider trading of the substaintial stock holders,insider control and the change in the field of acquisition, which includes the problem of persons acting in concert, the opaque of the acquisition, the loss of the national capital in the acquisition from the foreign companies and the strategy of the anti-acquisition.In the fifth chapter, first we introduce the way of event study,which can judge whether the event has the effect on the price of the stock.Through the way of event study,we hopo we can calculate the loss of the small stock holders in the listed company and provide the quantizing punishment for the government.Here we will use some case to make it clear.And also we will analyse the supervision systerm and make some suggestion about the development of the supervision. We think the government should enforce the law supervision and weaken the administrative supervision.And we should focus on the important institution investors .In that way ,we can increase the efficiency of the supervision systerm.At last we make some new advise about the supervion on the new change in ther market after the stock reform.