The Split Share System Reform

With the reform of Non-tradable Shares, the Chinese stock market turned into an new development stage. The stock market has developed more than 20 years after the reform and opening up. This text passes to the Chinese stock market current structure and the investigation of the change, analyzing currently the structure characteristics of this stock market and make a study on the market further evolution and the meaning of the change. This text structure is as follows:Chapter 1,looked back New-institutional Economics, used the theories for the theories frame and value tendency. Chapter 2, pointed out the system blemish of the Chinese stock market and its influence. Chapter 3, elaborate the ownership of the reform of Non-tradable Shares in the creative meaning on the system. Chapter 4, the overall analysis circulate the new-made degree of the system arrangement economics meaning, come further analytical the meaning of the reform. Chapter 5, outlook future, at after ownership of a share the cent place reform ages, our country the capital market will face which difficulty, and how develop.