The Split Share Structure Reform Of The Stock Price Impact Of Empirical Research

"Non-tradable Share" is the system defects of our country's economic reformation not complete and stock market systems unreasonable design. It means that there are non-tradable share and tradable share among A-share market listed companies. Non-tradable share and tradable share are different nature of the stock. Non-tradable state-owned share, corporate shares and tradable social public share exist ''different price" and "different right " because of artificial restrictions of share flowing. It also brings about different market system, structure and splitting market of trading habits "duality". Since the phenomenon appeared, it has been one of deep reasons that nags stock market healthy development of our country. And it has warped seriously the basic function of allocating resources, discovering price, "barometer" and investing in value-added in China's stock market. Therefore the stock market can not play a normal role. For making the stock market play the function of investing, financing, allocating resource and pricing assets, reforming the non-tradable share is imperative. It has been an important content of Chin's financial reforming now. It is no doubt the reforming will have significant effect on the development and improvement of China's stock market.This paper chooses 636 listed companies that adopted measures of reforming stock such as sending the share to shareholders according to profit of the year, allocating shares to shareholders according to public accumulation fund, distributing profit in monetary form to shareholders, Reducing the size of the company's equity and registered capital, as researching samples. The companies are the initial 60 group of listed companies after the carrying out non-tradable share. The author used the studying event method to inspect the share price trend of the sample companies under the non-tradable share and examined if there is changing of the share price because of the reformation and try to find the real reason of the changing of share price to analyze whether the change is related to non-tradable share or not. The research result showed the reforming measures of non-tradable share have great influence to the share price trend and the "rate of consideration the share price " in the reformation of non-tradable share and the trend of share price show negative correlation. Different paying ways of consideration the share price have the outstanding difference.