论股权分置改革对中国股票市场效率的影响

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1、学校代码：l丝鲤分类号：堕韭③Y8895五7计冤生学号：!Q2QQ2QQ!gQ3堑密级：五东牡峄茁埔硕士学位论文论股权分置改革对中国股票市场效率的影响IksearchontheInnuenceoftheE伍ciencyofChineseStockMarketbytheRefol强ofN仙-tradabkSha咒s作者：羹旭云指导教师学科专业研究方向学位类型孙立教授金融学金融市场学历硕士东北师范大学学位评定委员会2006年4月AbstractSpl“sharestmctureistheimport孤ts

2、ystemobstacleofres倒ctiⅡgstabilitya11dsounddevelOpmentofstockmarketinourcountryatpresent．Becausetheexistenceoftllissystemdefect．madethecirculationstockshareholderandthenon-circulationstockshareholder“listedc咖panyinourcountrylackthecommoninterestsfoundati

3、on，mepricemechanismOfstockmarketisdistonion，theemciency0fresOurcedistributionislOw．SinceMay0f2005，theo妇臣cialscarriedonpilotrefo珊ofnon-tradablesharcs，fllllyuIlderwaysubsequently’nowtherefo珊Ofnon-tradableshareshavealrcadyc10sestothestageofbreakingnewlyand

4、01dlySotheresearchtotheproblemofsplitsharestmcture，aIsoshouldfmmtheissuesofwhethershouldrefbnn，howrefb册，etc．，tumintosuchquestionswhetherthestockmarketofChinacouldgeto玎tomefi曲t打ackofsoundd群elopmen￡aftefthefefo锄，wbetherstockmark髓resourcedistributione￡￡ici

5、encycouldget鲈eatimprovemcnt，etc．Thistextputsmeimpactbytherefomofnon·tmdablesharesonttleemciencyofChinesestockmarketastheresearchobject，accordwiththepresentsituation’havecenaillthc0叮andrealisticmeaIling．Besidesforeword，summary，thistextisdiVided_iIltofour

6、sealsaltogether：Chapterone：nisthetheoreticalfoundationpan．usiⅡgtllepropenyri曲ttheory，agent-principalatlleory，controlrighttheory，liquiditytlleoryandttleresearchbydomesticscholartothepfoblemofsplitshaIestnlctufe，asthe也eoreticalfounda垃onofexplainingwhyputr

7、eform0nsplitsharestructure．Chaptertwo：Toanalyzetheissuethatthehistoryandcurrentsituationofsplitsharestmction．mainlyintroducir唱thehistoricalre雒oⅡofsplitsharestnlctionfomed，thenegativeef!f．ectthatthesplitsharestnJctionmadeonthestockm甜ketofChina，theattempt

8、thatgoVemmentputrefo肿intothesplitsharestnlctioninttlepast，themodetothisrefomonsplitsharestrllction，andthesupplementarymeasuresthatgovemmenttake．Putingissuefromhis的ryandcHrremsituati∞．ChapterI址ee：T0analyzetheimpactthattherefb珊ofno