The Split Share Structure Reform Of The Shenzhen Stock Exchange Listed Companies Tradable Shareholders Wealth

Stock split right reform of the stock market is affecting our core policy. Stock split right solution will improve the system for the securities market and the management structure of the listed companies. This would enable long-term healthy development of the stock market. Currently, experts' research more focused on, the stock split right solution scheme, the flow of stock to the shareholders of the need for compensation, how to determine compensation and stock split right reform parties game. Experts put less attention to the actual changes in the flow of stock shareholders wealth after the implementation of the scheme. This article on January 25, 2006, in the Shenzhen Stock Exchange, the stock split right to reform the company's reform scheme circulation stock shareholders wealth of practical evidence of the impact study These companies hope to the reform scheme for the flow of stock to protect the legitimate rights and interests of shareholders to make a fair and reasonable assessment of the stock and flow of shareholder wealth factors affecting analysis, and explore their changes.First of all, we in different stock split right reform of the circulation stock shareholders wealth scheme changes factor analysis, summed up stock split right after the implementation of the reform scheme, the circulation of wealth yield stock shareholders of the general model, and analysed the factors changes and mutual influence.Then we use event study methodology, January 25, 2006, the Shenzhen Stock Exchange listed company stock split right reform of the circulation stock shareholders wealth of practical evidence of the impact of the research.Through actual proof, we found that different companies listed on the stock split right reform scheme circulation stock shareholders wealth effects are different. From samples of view, stock split right after the implementation of the reform scheme, 46.60% of the company's shareholders equity flows wealth remarkably; 19.42% circulation stock shareholders of the company significantly reduce wealth, the remaining 33.98% of the company's stock flow no obvious changes in shareholders wealth.