股权分置改革(英语版)

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1、毕业论文论文名称：FairnessofNon-tradableShareReform——AnalysisBasedontheCharacteroftheNon-tradableShares学院：金融管理学院专业：金融学（中加合作）学号：0513005学生姓名：常诚为指导教师：李晓周2009年4月23ContentsABSTRACT…………………………………………………………………2摘要…………………………………………………………………………31Introduction…………………………………………………

2、………………42SummaryofSplitShareStructure…………………………………………52.1BackgroundofSplitShareStructure……………………………………52.2ProblemsCausedbySplitShareStructure……………………………3MeasuresandLessonsofNon-tradableShareReform……………………7113.1ThePlanofPlacingoftheStateSharesin1999……………………

3、…3.2TheReductionofState-ownedSharestoRaiseSocialSecurityFundin2001………………………………………………………………………4AnalysisoftheResultsofNon-tradableSharesReform……………………4.1Judgmentofthefairnessofthecompensation…………………………11121213144.2Follow-upResponsetoTheMarket…………………………………18

4、5ConclusionsandPolicyRrecommendations………………………………5.1Conclusions……………………………………………………………5.2PolicyRrecommendations………………………………………………Reference……………………………………………………………………2121212323ABSTRACTSplitsharestructurereferstothatthestocksaredividedintotradablesharesandno

5、n-tradablesharesaccordingtowhethertheycanbetradedonChinesestockmarket.AtthebeginningoftheestablishmentofChinesestockmarket,duetoideologicalreasons,peoplewerelackofunderstandingofjoint-stockenterprises.Inordertoprotectstate-ownedassets,theofficialsdesigned

6、thesplitsharestructure.However,suchasystem,violatingthebasicmarketlaw“allshareshavethesameright”,madenon-tradableshareholdersoccupytradableshareholdersallthetime.Thissituationwasanimpedimenttothedevelopmentofthemarket.Themanagementhavemadeanumberofreforms

7、,andabolishedthissysteminnon-tradablesharereformin2005.Accordingtothereform,non-tradableshareholdershavetocompensatefortradableshareholders.ThisreformhashadaprofoundimpactontheentirecapitalmarketinChina.Thisarticlein-depthstudiesthefruitsofthisreformfromt

8、hepointoffairness.Inthispaper,qualitativeanalysisandquantitativeanalysisarebothused.Thearticlefirstlyreviewsthehistoricalreasonsthatresultedtosplitsharestructureandanalyzeshowthesystemcausedproblemsandaffectedthedev