Explore and Improve on Stock Non-Public Issue and Transfer System of Listed Company in China

摘要

After the split-share reform and the implementing of Implementing Rules on Non-Public Issue Shares of Listed Company, there are more and more cases in which shareholders of listed company on Ashare market finance through non-public issue. It is contrary to the relating research results by American scholars that Chinese researches shows that non-public issue does not improve company's long-term performances, instead it is interpreted by market as signals of low stock price. This essay firstly contrasts the resale supply system under non-public stock issue in America and China through control on stock issue, stock transfer and stock acquire. Then we bring forward that the transfer system's un-perfection is the main reason why China's non-public issue is interpreted by investors as the signal of low stock price. In the end, we put forward some related suggestions through three aspects: improve transfer time, transfer quantity and also information disclosure.