The long-term accumulation of the ban on the sale of restricted shares in China's stock market is extremely large and concentrated in the short-term. The pressure on the restrictions on the sale of restricted shares has long existed and has a huge impact on the market. By the method of event study, this paper conducts an empirical investigation from the existence of market reaction and the degree of market reaction. The results suggest that the pressure formed by the release of the restricted shares has accumulated a negative impact on the entire stock market and passed the restrictions on the stocks. The impact of shareholder and investor investment intentions impacts related stocks. At the same time, relevant suggestions were provided to reduce the impact of the lifting of the restricted shares.
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