The Analysis Of Non-tradable Share's Influence And Countermeasures

With further advance of the split share reform, a huge number of the Limited lifting of the ban get the right to sell shares, This not only changed the balance between supply and demand in the Chinese capital markets, causing stock prices continued to fall, but also cause disorders of the original valuation of the market system, From individual investors to institutional investors, from the non-tradable shareholders to tradable shareholders, Even the whole China's capital markets have been a huge influence, In this context, our study on the impact of lifting the ban sale of shares and coping strategies with the necessity and urgency.In the absorption of previous research, Under the guidance of the existing theories, This article given the further definition on the issue of restricted Shares, on the basis of analysis of the restricted shares in the historical origins and the quo of lifting ban, Analysis the impact of the restricted shares lifted on the stock market, capital market valuation system changes of before and after the ban are compared, Prospect the valuation of China's capital market system of the Circulation of the times, And using case studies to analyze the impact to earnings management on the sale of shares of listed companies, In addition, the analysis use economics method to analyze the game limited lifting of the equity of ban selling.Based on analysis of the Restricted Shares in the impact of lifting the ban and the issue of unlock, proposed specific measures for this issue as following:firstly, need to further improve the existing ban on the reduction of regulatory and normative acts to strengthen the ban on the Restricted Shares policy binding; Second, to increase the market supply of funds, cultivate new market demand and raise the market Capability to absorb and throughput; Third, improve the existing mechanism of stock issues, innovative ideas and methods to solve, Reference international experience reasonable, enhance the capacity of responding to lifting of the ban on the Restricted Shares; In addition, need to improve relevant policies and regulations, the valuation system on the market development and guiding work of investor behavior well, And, the issue that improving the existing mechanisms is the key to solve this problem.