Restricted Shares Lifted The Stock Price Impact Of Empirical Research And Impact Factor Analysis

With the accomplishment of China's Security Market Reform, non-tradable shares were unlocked and become tradable in A share market becomes a hot topic in China's financial market. Investor's perspective changed sharply from "neglecting" in 2007 to "be scared" in 2008 and blamed it as the main reason of the stock price plunge. This article uses the event study method to trace the stock price during the process of unlocking of non-tradable shares and use the cumulative abnormal return(CAR) to indicate price changes. We observed 2046 samples before 2008.10.30.The structure of this article is: observed sample and statistic methodsâ†'Total sample's CAR curveâ†'influencing factors (unlock ratio of non-tradable share to total shares, market condition of unlock time, Concentration of ownership and feature of the listed company)â†'conclusion.