Impact of Non-tradable Share Reform on the Performance of Listed Companies: An Empirical Study of Chinese Listed Companies

摘要

It has caused a wider concern that what kind of influence has had on 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 company's 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.