But the reform of non - tradable shares has carried on from may , 2005 , the division between tradable and non - tradable shares will eliminate , which will result in the foundation of the market - driven system . the behavior of listed companies ’ tender offer , therefore , will experience the profound transform 而随着全流通改革的逐步推进,流通股与非流通股的界限消除,资本市场的格局逐渐规范化,要约收购市场化基础的建立,中国上市公司要约收购行为必然会发生重大变革。
In chinese stock market there are a variety of falsification and breach of faith which result in belief crisis . now is the situation that the regulator , the public companies , the financial intermediaries and the investors will have no faith in each other . on june 6th , 2005 the shanghai composite index fell below 1000 . during four years bear market investors have losed almost $ 1 , 000 billion , and the heavy loss gives us a lesson that the stock market must build on the foundation of credit . the non - tradable shares is a big barrier . now we are sweeping off the barrier and cherish a open , fair and justicial stock market . to make a sound foundation for the stock market the key is to rebuild the credit of the market , including the credit of the regulator , the redit of the public companies , the credit of the financial intermediaries and the cultivation of the credit culture . this paper profoundly analyses the credit environment of the chinese stock market by the use of credit theory , pointing out that the reason accounting for the lack of credit of the chinese stock market is the unclearly established ownership of the property rights . another reason is that the regulator makes his credit destroyed when he is sustaining the public companies . how to improve the credit environment of the chinese stock market 但真正要重建中国证券市场,关键还在于重建市场信用,包括政府信用、上市公司信用、中介机构信用、以及由全体投资者参与的信用文化培育。本文在研究信用理论基础上,深入研究中国证券市场信用现状,指出中国证券市场信用缺失的根本原因是上市公司产权不明晰、政府为了维护国有控股上市公司的利益使自身信用一再遭到破坏,同时没有有效的失信惩罚机制。对于如何改善中国证券市场的信用状况,研究表明:重建证券市场信用,必须首先改革国有资产管理体制,使政府摆脱与上市公司的利益纠葛,从而政府成为中立的裁判者。
Chapter three : to analyze the impact that the reform of non - tradable shares will take to the efficiency of stock market . first , it carry on the demonstration analysis to the efficiency of chinese stock market , judge present efficiency state , then use relevant analysis technology and t examine law in econometrics to analyze the relevant relationship between split share structure and the efficiency of chinese stock market , and then , put qualitative analysis on the reason of low efficiency of chinese stock market and the uncertainty change of chinese stock market after reform , to investigate the influence degree on the efficiency of chinese stock market by split share structure 第三章为股权分置改革对股票市场效率的影响分析,先对中国股票市场效率进行实证分析,判断中国股票市场目前的效率状况,然后运用计量经济学中的相关分析技术和t检验法,对股权分置制度与中国股票市场的效率进行了相关性分析,再从对中国股票市场低效率的成因、股权分置改革后中国股票市场不确定性变化的定性分析中,考察股权分置改革对中国股票市场效率的影响程度。第四章为股权分置改革后对提高中国股票市场效率的政策建议。
We also make empirical study on factors determining executive compensation structure , which include ownership characteristic , proportions of non - tradable share holders of different types , management structure , industry , size of firm and it ’ s performance . after analyze theoretically and empirically executive compensation problems in china ’ s listed company , this paper further to develop an approach to improving executive compensation structure 同时,对影响管理层激励因素的实证研究表明:上市公司所有者性质、不同类型的非流通大股东持股比例、管理层结构、行业特征以及公司的经营状况和规模是显著影响管理层激励的主要因素。
A holder of non - tradable shares holding 5 % or more of the total number of shares of a pilot listed company shall undertake that once the undertaking period specified in the preceding item expires , the number of shares it sells by listing , trading and selling on a stock exchange will not account for more than 5 % of the total number of shares of the company in 12 months and will not exceed 10 % in 24 months 二)持有试点上市公司股份总数百分之五以上的非流通股股东应当承诺，在前项承诺期期满后，通过证券交易所挂牌交易出售股份，出售数量占该公司股份总数的比例在十二个月内不超过百分之五，在二十四个月内不超过百分之十。
Stock exchanges shall carry out compliance examinations of the documents submitted by pilot listed companies that intend to implement separation reform plans and shall submit the sales of shares by holders of formerly non - tradable shares of pilot listed companies and related information disclosures to ongoing oversight 证券交易所对试点上市公司实施股权分置改革提交的申报文件进行合规性审查，对试点上市公司原非流通股股东出售股份及相关信息披露工作实施持续监管。
Non - tradable shares holders obtain the the right to trade through payment of consideration in various ways in share - trading reform , such as in a method of payment of cash , in a method of scrip issue or reduction of shares , in a method of issuing call warrants or put warrants , in a method of presenting the shares formed from the shares or dividends increased or distributed with a listed company ’ s capital reserve to holders of tradable shares , in a method of contributing high - quality assets to a listed company , exempting the listed company ’ s debts , or assuming debts on behalf of the listed company , in a method of promise 随着股权分置改革的全面展开,这一影响还将继续。本文正是利用事件研究的方法,就“对价”方案的公布与实施对市场的冲击进行实证分析,进而综合股权分置改革“对价”市场效应分析,对投资者和管理层提出了建议,不仅具有很高的理论价值,而且具有重要的现实意义。全文分为三章,其中前两章是论文的基础,第三章是论文的重点。
Article 1 in order to standardize strategic investment of foreign investors on a - shares company （ hereinafter referred to as listed company ） after the reform of non - tradable shares of listed company , to maintain securities market order , to introduce foreign advanced management experience , technology and capital , to ameliorate structural governance of listed company , to protect the lawful rights of listed companies and the shareholders , the measures are hereby enacted in accordance with the requirement of directive opinions of china securities regulatory commission , the state - owned assets supervision and administration , the related laws and acts on supervision of foreign investment and listed company as well as the interim provisions on foreign investors ' acquisition and merger of domestic enterprises 第一条为了规范股权分置改革后外国投资者对a股上市公司（以下简称上市公司）进行战略投资，维护证券市场秩序，引进境外先进管理经验、技术和资金，改善上市公司治理结构，保护上市公司和股东的合法权益，按照《关于上市公司股权分置改革的指导意见》的要求，根据国家有关外商投资、上市公司监管的法律法规以及《外国投资者并购境内企业暂行规定》 ，制定本办法。
