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Effect of Consideration Programs in Non-tradable Share Reform

Author: PanYong
Tutor: ChenGongRong
School: Hunan University
Course: Accounting
Keywords: Non-tradable Share Reform Consideration Programmes Market Reaction Event Study
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 79
Quote: 0
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Abstract


Non-tradable Share Reform is caused by the special conditions of China and the specific conditions of economies in transition. It is the biggest stumbling stone for China’s capital market to be in line with the international conventions. To deal with the radical system which restricts the development of China’s stock market, the managers begin to bring Non-tradable Share Reform into force, so as to resolve dual stock structure.As the disclosure of Non-tradable Share Reform, it is bound to cause the stock fluctuation. During the reform process, what is the impact and influence to the China’s stock market? Does the interest of tradable shareholders being guaranteed? Does it increase in value? What is the response of the stock market? And what are the extent and the reason? Is there any inside trade? What is the difference of consideration programs and its effect among every company in Non-tradable Share Reform? To study these issues after finish the Non-tradable Share Reform, is of great significance for the bond market revaluation, market supervision, protecting the interests of small and medium-sized shareholders, and investment and financing decisions.This paper analyzes the market reaction of listed companies in Non-tradable Share Reform by event study, and sorts out all programs according to consideration types, consideration rates, and consideration program being adjusted or not. Moreover, the paper makes a study of consideration’s effect and its reason. The innovation of the paper is to study the feature of consideration program intensively, and to talk over how the claim of Non-tradable Share Reform makes abnormal stock fluctuation based on consideration types. What’s more, the paper makes a survey of the inside trading between pilot company and the company in Non-tradable Share Reform.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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