On The Equity Division Reform To Protect The Interests Of Tradable Shareholders,

Due to some historical reasons, a separation of circulated anduncirculated stock came into existence at the initial stage of the stockmarket after its setting up. As a result of this separation, the rightsand interests of the circulated stock shareholders can not be guaranteedwithout absolute control over listed companies. Since May, 9th, 2005, Chinabegan its reform of the shareholder structure of listed companies so asto settle the intricate problem which cumbered the healthy developmentof the China stock market in the long run. This thesis first summarizesthe current situation of the reform of the shareholder structure afterits initiation for more than half a year, and then, analyzes the stockmarket reform scheme concerning circulated stock shareholders' rightsand interests and other relevant plans in the reform of the shareholderstructure by adopting linear regression methods. The result of theresearch shows that there is a positive relation between levels ofconsideration in the scheme of the stock market reform and the qualityof guaranteeing circulated stock shareholders' rights and interests.However, complementary commitment -another important component in thestock market reform scheme, has no obvious pertinence with the qualityof guaranteeing circulated stock shareholders' rights and interests.