China's Stock Market Value Of The Stock Dual Phenomenon - Theoretical And Empirical Effects Of The Special Ownership Structure

The security market in China was born out of plan economic system. There are several unsolved problems in the development of the security market in China. One of the problems is the special equity structure, which deeply affects the development of the security market. Some scholars have investigated the problem. But they focused their mind on how to make nonnegotiable stocks negotiable and few scholars studied the mechanism in which the special equity structure leads to the change of value law of stock market. In order to lay the foundation for applying modified financial theory to the analysis of the security market in China and for investigating how to make nonnegotiable stocks negotiable, this paper quests for the distinct value law of the security market in China from perfect market. This paper consists of four parts. The first part introduces the theory of property rights and extends the idea of the theory of property rights, so that other parts have a reliable base. The second part describes the status quo and the cause of the special equity structure and investigates how the special equity structure leads to stock value discrimination. According to the analysis in the second part, the third part makes a model and collects samples to make an empirical study on the stock value discrimination. The last part analyzes the problems with regard to making nonnegotiable stocks negotiable and to directly applying financial theory to the analysis of the security market in China on the basis of previous investigation.