An Empirical Study on Split Share Structure Reform Effect
Based on the sample of 939 Chinese listed companies in the 40 former reformed batches,this paper investigates the effect of Chinese split share structure reform. Firstly, considering Chinese split share structure reform as an e vent,an effect model will be set up by means of the e vent study method,which takes abnormal return rote as a basic indicator to measure the reform effect. Further,in order to look for the impact factors on the reform effect, the empirical contrast analysis for different batches,dif ferent trading posts and different beards are done. These results show that the reform has positive effects on Chi nese stock market and increases value of the listed com panies. There is higher transformable return rate in the reform batches which include more Chinese listed com panies with high quality performances. The shareholders who are in Shenzhen trading post get higher transform able return rate than Shanghai trading posL SME board has higher transformable return rate than the main beard.
Chinese split share structure reform event study method abnormal return rate
REN Guangqian ZHAO Yuliang LI Jianbiao
Center for Studies of Corporate Governance,Nankai University,P. R. China
国际会议
Zhengzhou Conference Conference on Management of Technology(2009郑州技术管理研讨会 MOT2009)
郑州
英文
687-692
2009-04-17（万方平台首次上网日期，不代表论文的发表时间）