Cognition and consideration on the problem of non-tradable shares on Chinese stock market;

The problem of non-tradable shares as important character and expediency arrange in China has its rationality,but it has became a principal contradiction with the deep reform.

The Non-tradable shares structure is the biggest barrier to restrict the stock market to be stable and healthy development.

It also points out the design units should observe the laws and standards,follow the principle of"system reform according to the actual conditions",be brave to seek for a suitable way of reform and be energetic to participate in the practice of reform so as to achieve the aims of low cost,reasonable arrangement of stock right and remarkable results of system reform as soon as possible.

On the protection of public shareholders in the reform of the split share structure;

This paper quantitatively analyzes the effect of firm performance,corporate governance,equity separation and information release on stock market risk using cross sectional data.

Empirical analysis indicates that the stock bubbles are closely linked to equity separation.

It has important practical significance in perfecting corporate structure,standardizing market operation and optimizing the distribution of resources for the reform of equity separation.

The Event Study of Split Share Structure Reform;

Equity Refinancing Behavior and Efficiency Analysis of China's listed Companies with the Split Share Structure;

The statistics from 1 237 IPO samples listed in Shanghai and Shenzhen Exchanges shows that these two charac-teristics are connected with the issuing number of every IPOs and the system arrangement of Split Share Structure(SSS).