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China's Split Share Structure Reform Study

Posted on:2006-10-15Degree:MasterType:Thesis
Country:ChinaCandidate:Q L BoFull Text:PDF
GTID:2199360185967132Subject:Finance
Abstract/Summary:PDF Full Text Request
China's stock market, developing for over ten years, has gotten a great achievement. But it still has many problems. For the lack of knowledge about it and the limitation of objective conditions, China's stock market had a lot of serious problems just when it came into being. The system disadvantages of the stock market are along with the development of the China's stock market. With the development of the stock market and deeper insight into it, we can see some serious problems. Solving the flaws that have already badly obstructed the development of China's stock market is really urgent. split share structure discussed for a long time is the one of the most basic systemic flaws . Various perceptions can be given from various aspects about it. Under such background, this article is attempting to give a unique opinion and seeking the general goal, principle, idea and implementation plan to solve this problem. The main purpose is to make China's market healthier.This paper, adopting the way of the theoretical explanation and the empirical data imitation, will explore the reform of the split share structure in accordance with the special evaluation standards.By the imitation of Shanghai A share stock index data, Shengzhen A share stock index data and Shanghai & Shenzhen 300 stock index data, this paper discusses that the proposal for share shrinkage and share donation will reduce efficiently the P/E rate, which can meet the basic requirement of the least P/E rate for the double-wins of the transferable share and non-transferable share. The imitation results of Shanghai A share data show that the P/E rate of share donation and share shrinkage is 13.61 and 14.1 respectively, the imitation results of Shenzhen A share data show that the P/E rate of share donation and share shrinkage is 14.05 and 14.3 respectively, the imitation results of Shanghai and Shenzhen 300 data show that the P/E rate of share donation and share shrinkage is 10.04 and...
Keywords/Search Tags:Split share structure, Share shrinkage, Share donation, Conversion price, Double-win
PDF Full Text Request
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