The Split Share Structure Reform Of Capital Gains Of Listed Companies

The securities market of China has been in an abnormal state in the aspect of structure and function for a long time with the fundamental reason of the tradable shares——an unbalanced institution. The Equity of the state-owned shares and corporate shares in the listed company has an extraordinarily high degree of concentration and can not enter the free circulation of the trading market; thereupon there exists a small percentage of the circulating stock in corporation. With the continuous development of capital markets, the tradable as the biggest obstacle share has brought a lot of damage to the growth of China's stock market. In April 2005, the trading-share reform was officially launched to promote the historical outstanding change of the capital market:the non-tradable shares became tradable, the market operation mechanism turned to more perfect, and it gradually arrives at international standards. The performance of listed companies becomes the focus of people concerned after the reform, so it's very necessary to conduct a scientific and systematic analysis of the performance of enterprise after the share reform so as to obtain the more scientific conclusions. From this very standpoint, this paper carried out an intensive and detailed research on the influence of the reform on capital gains of listed companies using a method of the combination of quality and quantity.Taking 524 enterprises as the research sample, this paper selected the five financial indicators of listed companies from the year 2003 to 2008 as the object of study of capital gains change through SPSS——economic analysis software and EXCEL——statistical tools. The index after the reform predicted by that of pre-reform excluded capital gains by other influencing factors except for trading-share reform, and then was compared with the actual value of listed companies thereby to succeed to determine the degree of influence of the reform on capital gains of listed companies.The results showed that in the overall aspects the trading-share reform has improved the performance of enterprises; especially the capital gains gained a significant increase, including the return on equity and capital gains. However, the severe affect of the world economic crisis in 2008 brought significant negative impact on China's listed companies to a great extent, so the reform result in this year was not particularly significant. But in the general point of view, the reform was able to effectively raise the capital gains of listed companies.