Impact of Non-tradable Share Reform on the Performance of Listed Companies--An Empirical Study of Chinese Listed Companies
It has caused a wider concern that what kind of influence has had cm the performance of the company after the Non-tradable share reform. This paper takes 205 A shares of listed companies as samples that had non-tradable share reformed in 2005, test the range of 4 years before and after the non-tradable share reform, and inspect the companys stock performance impact before and after the reform. The results showed that: non-tradable share reform has made a certain improvement on the overall performance of the company in the short term, but neither significant nor lasting; the performance of the companies in the two cities of Shenzhen and Shanghai had different trends and had not the same changes trends as the total sample after non-tradable share reform; the performance of integrated manufacturing industry trends was similar to the total sample after non-tradable share reform, showing the characters that rising at first and falling later.
reform of non-tradable share listed companies performance
ZhenYi Wang XiaoHong Fang ChuanYong Luan Fen Sun
College of Economics and Management, Wuhan University of Science and Engineering, Wuhan, 430073, China
国际会议
第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)
武汉
英文
2102-2111
2009-05-30（万方平台首次上网日期，不代表论文的发表时间）