China's Split Share Structure Reform Study

The Share-trading is the special historical question of China stock market. It evolves the special development and has its profound historical root. With China's the reform and open policy developing, the share-trading becomes a system flaw to China stock market. The reforms to resolve this question are all defeated to an end. The main reason is because we didn't recognize the core question of the reform clearly. So the main aim of this article is analyzing the core question and finding a way to balance the benefit assignment of reform patterns.The article divides into five parts. The first part mainly analyzes the share-tradings' historical origins and point out the system is the result of compromising. The second part mainly analyzes the system flaw emphatically which the share-trading brings out. The third part of article reviews the reforms started from 1992 to 2006 February whose aims are to resolve the system flaw. I find out the core question of the reform is the benefit assignment of reform patterns. The fourth part mainly discusses the relations of reform patterns, including government's with non-circulation stock major stockholder, non-circulation stock major stockholder with circulation stock major stockholder, circulation stock major stockholder with minor stockholder and so on. I further analyzes the phenomenon of the stock major stockholder "the colony", the phenomenon of minor stockholders' passive defense strategy - "ignores"...