Study on Impact of Small and Medium Board Listed Companies Performance before and after Non-Tradable Share Reform------ 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 50 small and medium-sized board listed Companies companies as samples that had non-tradable share reformed in 2005, test the range of 5 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 the overall performance of small and medium-size board company generally showing the characters that rising at first and falling later. Specifically, There was a marked drop in the short-term (the current year and the first year of non-tradable share reform ) , and then (after the share reform next year, the third year) has been gradually increasing.