基于股改效应的大宗股权转让问题实证分析-an empirical analysis of the transfer of large shares based on the effect of stock reform.docx

AbstractBlock transfers are the focus of market participants because of their greater importance than bulk stock trades, and they exist in the case of gradual transition market and high-concentrated listed companies in China resulting in their difference from those in developed capital markets. More and more block transfers after Equity Splitting Reform in 2005 have significant impact on equity pricing, corporate governance, market efficiency and investors protection. We convincingly explain different block transfers in Chinese stock market by deeply studying influencing factors of restricted stocks prices, exploring block transfers impetus, summarizing and testing impacts of block transfers, and we also provide empirical evidence on the effects of institutional innovation from Equity Splitting Reform, endogenity hypothesis of ownership structure and external corporate governancemechanisms, which helps perfect market supervision，reinforce corporate governance,improve market efficiency and better protection of minority shareholders.On the foundation of introducing research achievements about block transfers, defining relevant concepts, analyzing relevant theory including stock market liquiditypremium theory、benefits of control theory 、signaling theory、 market microstructuretheory、agency theory and market for partial corporate control hypothesis, combining with the environmental changing and the background of Equity Splitting Reform, following the time order, we analyze the issue of block transfers continuously by adopting methods of scenarios analysis and comparative study ,theoretical study, empirical study based on mathematical statistics.Firstly, we conduct a comparative analysis on the difference between ratio of transferring price of restricted shares before Share Splitting Reform and after that and influencing factors of this difference. The focus of foreign market is on the driven factors of pricing block shares rather than the pricing fairness. More researche