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我国于2005年启动了股权分置改革,旨在消除影响中国资本市场可持续发展的制度性缺陷,恢复与改善资本市场的功能体系。本文以沪深A股上市公司的财务信息为基础,利用理论分析和实证检验对股权分置改革的效果进行综合评价。通过建立市场反应模型和股价同步模型对股改的政策效果进行评价,结果表明:股改后公司信息的透明度和决策有用性得到提高,大股东利益与中小股东利益趋于一致,公司治理结构的运行效率得以提高,资本市场功能得到显著改善;股改后中国资本市场股价波动的同步性趋向减弱,公司特质信息将越来越丰富,公司透明度得到提高,投资者利益因此得到更有效保护。
China started the split share structure reform in 2005 with the aim of eliminating the institutional defects that affect the sustainable development of China’s capital market and restoring and improving the function system of capital market. Based on the financial information of Shanghai and Shenzhen A-share listed companies, this paper makes a comprehensive evaluation of the effect of non-tradable share reform by theoretical analysis and empirical test. Through the establishment of the market reaction model and the stock price synchronization model to evaluate the effect of the reform of the share reform, the results show that: after the reform, the transparency of corporate information and the usefulness of decision-making are improved; the interests of major shareholders and the interests of minority shareholders tend to be consistent; the operating efficiency of the corporate governance structure The function of capital market has been significantly improved. The synchronization of stock price volatility in the capital market in China tends to be weakened after the share reform. Information about the company’s qualities will become more and more abundant, the transparency of the company will be enhanced, and the interests of investors will be more effectively protected.