非流通股改革对中国上市公司业绩的影响

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1、非流通股改革对中H上市公司业绩的影响UNIVERSITYCODE:10246STUDENTID:11210680341THEEFFECTOFNON-TRADABLESHARESREFORMOFCHINESELISTEDENTERPRISESONTHEFIRMPERFORMANCEMATHESISPresentedinPartialFulfillmentoftheRequirementfortheMasterDegreebytheGraduateSchoolofFudanUniversityByEunchul,ChoF

2、udanUniversity2012ThesisAdvisor:Signature:ThesisCommittee:Approvedby:Professor:HeGuanghuiProfessor:ShenGuobingProfessor:ZhengJunDefenseDate:April27,2012MAPrograminChineseEconomy非流通股改革对中国丄市公司业绩的影响ContentsMW1Abstract21.Introduction32.Backgroundofthethesi

3、s122.1.ChineseStockmarket122.2Non-tradablesharereform192.2.1ThecharacteristicsofChinesestockmarket192.2.2.Theproblemofnon-tradableshares202.2.3.Thepurposeofnon-tradablesharereform222.2.4.Themechanicsofthenon-tradablesharereform242.2.5.Thereactionoft

4、heNon-tradablereforminChinesestockmarket272.2.6.Thecurrentstateofnon-tradablesharereform293.Literaturereview344.Researchhypothesis385.Methodologyanddata405.1Data405.2.Methodology455.3.TestingforsuitabilityofModelanalysis486.Empiricalresults507.

5、Conclusion58Reference62Acknowledgement67非流通股改革对中国上市公司业绩的影响TableofContentsTable1.ReportChineseexchangeinmoredetail13Table2.ThedevelopmentofChinastockmarket15Table3.Comparisonofmajorworldexchanges18Table4.ClassifiedChineseStock.20Table5.Progressofchanges

6、inproportionofnon-tradableshare30Table6.StatusofCancelationperiodofsafeguarddepositinGShares.(Includefutureplan)32Table7.Basicstatisticsofallnon-tradablesharereformfirms40Table8.Basicstatisticsofshareratioofallnon-tradablesharereformfirms41Table9.Basicstati

7、sticsofstateandtop-tenshareholders43Table10.Basicstatisticsofreplaceshareholders45Table11.Effectiveofnon-tradablereformonthefirmperformance50Table12.Effectofnon-tradablesharereformonthemeanofTobin'sQ52Table13.Effectofreplaceshareholdersonfirmperformance55I

8、I非流通股改革对中国上市公司业绩的影响摘要中国从2005年幵始对上市公司非流通股进行改革，使其具有流通性。非流通股股东持有大约三分之二的多数股票并管理公司，而流通股股东几乎没有什么权力影响非流通股股东所作出的决定。中国政府试图通过调整所有制结构来提升公司的治理水平从而改善企业的业绩。为遵循改革政策，中国上市公司通过不同方案将非流通股股份分配给现