股改限售股解禁的市場(chǎng)反應(yīng)及其對(duì)股票估值的影響研究.pdf

1、廣東工業(yè)大學(xué)碩士學(xué)位論文股改限售股解禁的市場(chǎng)反應(yīng)及其對(duì)股票估值的影響研究姓名：覃國(guó)錚申請(qǐng)學(xué)位級(jí)別：碩士專(zhuān)業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：許梅英20090501廣東工業(yè)大學(xué)管理學(xué)碩上學(xué)位論文ABSTRACTShanghaiStockIndexin2007，rosetothehighestpointof6124，andafterhasbeen‘droppedAwholein2008decreasedbyalmostafullyear，tillDecem

2、ber2008，theShanghaiIndexhasfallennearly70％Withadrasticdropinthestockmarket，alotofinvestorswillbetargetingthesharereformoftheproduct一一non—tradableshareLiftingthebanofnontradableshare，Ontheonehand，increasesinthemarketsuppl

3、yofsharesUnderthelimiteddemandofsharesin，thepricehadhasagreatimpact；Ontheotherhand，aftertheliftingthebanofnontradableshare，thestockmarketgraduallymovestowardfullcirculationtimes，makingindustrialinvestmentandstockinvestme

4、ntarbitragesystemtograduallyformandmarketvaluationsystemoftheexistingsystemisinconstantadjustmentStockpriceOflistedcompanieswillcontinuetoadjustinordertofindanewbalancebetweenstockpriceandtradingvolumeandstockmarketvalua

5、tionisgraduallyreturntothetruevalueoflistedcompaniesinChinaFirstly；Thispaperanalyzesliftingthebanofnon—tradableshare’SimpactonstockpricesTakingintoaccountthedifferentmarketswiIIhavedifferentreaction，thepaperselect194stoc

6、ksintherisingmarketin2007and400stocksfellin2008astheresearchobjecttostudythemarketreactionindifferentmarketsaftertheliftingthebanofnon—tradableshare，andtheconcluSioniSInthefellmarketin2008liftingthebanofnon—tradableshare

7、impactsonthemarketmorestronglyInaddition，theliftingofthebaninaccordancewiththeproportionOfdifferentgroupsofsamplesoftheempiricalresearchresultsshowthattheimpactoflarge—scalenontradablesharestronglythanthesmall—scaleThisi