Study Of The Influence Of Non-tradable Share Reform On The Performance Of The Listed Companies

In recent years, the influence of the non-tradable share reform has always been the social focus. The reform is a major institutional reform in China’s securities market. Whether the benefits of the reform can last long and how it will improve the performance of the listed companies, are both important issues related to the healthy development of China’s capital market. On such an occasion, the influencing mechanism study of the reform on the ownership structure and the key influencing factors carries significant theoretical and practical meaning.Based on the previous studies, the thesis takes the opportunity of the "full circulation" of the securities market after the reform, chooses the performance of the listed companies and the share ownership as the study objects, and adopts the performance evaluation theory and the modern enterprise theory. The thesis firstly applies the normative analysis to analyzing the influence of the reform on the company performance and then carries the systematic empirical study on the ownership change and the performance change. The conclusions go as follows:after the reform, the performance index and the index of tax assets percentage increase obviously. The intensity of the ownership and is negatively related to the company performance. The equity balance degree is unrelated to the company performance before the reform but is positively related after the reform. The negotiable share ratio is negatively related to the company performance either before the reform or after the reform. Moreover, the thesis supplies some suggestions for the counter measures and policies to the no-full circulation of the listed companies...