A Study On The Institutional Factors Of The Reform Of Enterprise 's Split Share

With the completion of listed company’s Non-tradable Share Reform,China’s capital market is tending perfect.As a result of the growing of the complexity and uncertainty of enterprise environment,how to deal with the complex environment change and institutional transition,how to obtain social identity, how to make up the competitive disadvantage, how to gain competitive advantage, how to realize the sustainable growth of enterprises has become a management problem to enterprise leaders and decision makers,and has also become one of the greatest challenges facing the growing organisations.Therefore,this research will try to explore and answer how to distinguish the direction and nature of institutional environment change,and further to transform the external pressure to competitive advantage.This research chose A-shares of listed companies which completed Non-tradable Share Reform from June 1st,2005 to December 31,2009 in Shanghai and Shenzhen Stock Exchange as samples.Data is collected from the Shanghai and Shenzhen Stock Exchange Web site and CSMAR database and then make empirical analysis with the use of SPSS17.0. Preliminary conclusions are drawn as follows:The proportion of state-owned shareholders and actual controller are positively correlated with corporate performance.The reform time and proportion of stock payment negatively correlate with corporate performance. The proportion of actual controller are positively correlated with reform time.The proportion of stock payment positively correlate with corporate performance.We also found that,because of the state-owned shareholders’ special nature of identity,they have important influence on enterprise strategic decision.The actual controllers have great impact on the strategic decision of enterprises.Company’s Non-tradable Share Reform choice has significant influence on corporate performance.Companies with low stock payment ratio have better corporate performance.As the Non-tradable Share Reform is dominated by the state regulation factor change,our study is on the basis of institution based view and has a comprehensive analysis including three institutional factors.It helps understand multiple system logic,enterprise choice and corporate performance.The research results are of great significance for the objective,comprehensive and scientific evaluation on the Non-tradable Share Reform.