China's Listed Companies' Voluntary Commitment Effect Analysis

China began its non-tradable share reform in 2005 featuring the transferring bonus from non-tradable shareholders to tradable shareholders in order to make the non-tradable stocks get the circulation rights.2008 international financial crisis causes serious impact on Chinese stock market, and stock price continues to fall. According to the schedule of non-tradable share reform, the time of lifting the restriction of non-tradable share reform is in 2009 and 2010, therefore Chinese stock market faces huge pressure of full circulation. From the micro perspective, the major shareholders of listed companies need to make some adjustment according to the evaluation of the value of the company and much lower stock prices. From the macro perspective, the frustration of the stock market also has negative influence on the development of national economy. Therefore, Chinese government needs to propose some measures to ease the situation when conducting the macro control over the stock market. Under such severe condition, Chinese stock market and investors have high hopes for the voluntary commitment made by the major shareholders. People begin to focus on the influence of the bonus of listed companies, wondering if it can mitigate the severe situation.Based on the importance of the voluntary commitment of the major shareholders, the thesis will use event study as the means of empirical research, and discuss the voluntary commitment of the major shareholders. Thus it will help us to have reasonable judgment on the efficiency of their voluntary commitment. The characteristics of the thesis are to conduct empirical research on the voluntary commitment of the major shareholders with the estimated period of the event as the reference, and make empirical analysis on the reflection of the bonus during the window period. At the same time, we can conclude that Chinese stock market cannot achieve the Semi-strong form Efficiency. Finally, we will propose some theoretical suggestion to the supervisory system related to the stock market based on our conclusion.