In this thesis,the quantitative analysis mode of the comparative value is put forward that non-circulation shareholder should pay for the circulation shareholder,then the formula to calculate shrinking-rate and connotive non-circulation value coefficient are set up.

In this thesis,the quantitative analysis mode of the comparative value that non-circulation shareholder should pay for the circulation shareholder is put forward,then a stock-paid method mode based on the zero-sum hypothesis is set up.

A Study on Alternative Solutions for Non-tradable Shares in China s Security Market;

This paper discusses the marketability value in China s stock market with the sample of non-tradable shares transfer before share structure reform(SSR) and the sample of restricted shares transfer after SSR.

However the separation of tradable and non-tradable shares has taken away the balance in shareholder s right and duty.

through games circulating right is achieved by non-tradable share holders paying consideration to tradable share holders.

The split-share reform began in 2005 in China, and the goal is the non-tradable shares can be freely traded in the stock market.

Based on the sample of the non-tradable shares transfer and restricted shares transfer, the paper analyzes the tunneling before and after the non-tradable share reform.