Restricted Shares Lifted Scale And Its Impact On Stock Returns, Empirical Research,

The reformation triggered the bull market in China these years. But the non-tradable shares it left back became the fuse of the intense falling in the A share market finally. In addition, new IPO(Initial Public Offering) and the unlock of the original shareholders' shares also become a serious issue of security market. So, research on the issue about the unlock of the non-tradable shares is very meaningful no matter from the short-term or the long-term considering.Obviously, the influence of the unlocking on the security market can be divided into two parts: one is giving psychological suppress on investors. The other is selling restricted shares to break up the relationship between supply and demand.Based on the cognition above and plentiful statistical data, we will give a deeply positive research on the issue of the unlock of non-tradable shares. First, we make a overall description on the situation of the non-tradable shares these years. In chapter III, I did a academic research survey on this issue. Because the Reformation is an unique problem in China, there is no foreign research for reference. Even in China, the correlative academic research is very rare.We introduced the method applied on our research in Chapter IV, also the model which will be used for positive research. Behavioral finance theory and game theory are two bases for the theoretical model. Through the deduction of the theoretical model, we got the equilibrium of this game. We know how the unlock of the non-tradable shares have influence on the stock price. Chapter V is a section that we show our positive research results. It's the core of my research.