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股权分置是制约我国股票市场健康发展的重要障碍。2005年4月29日,股权分置改革正式启动。事件研究法和回归统计相结合的分析方法可以进行股权分置改革的市场效应分析。实证结果表明,股权分置改革政策对股票市场产生了显著影响,且为正效应;非流通股股东以对价形式补偿流通股股东利益以换得流通股权,受到流通股中小投资者的欢迎,从而为股改的顺利完成奠定了基础;大多数股改公司累积平均非正常收益率股改后经历了短暂递减后趋于平稳的特征表现,说明股改政策对我国股票市场至少已达到准半强式有效。
The split share structure is an important obstacle to the healthy development of China’s stock market. April 29, 2005, the split share structure reform was officially launched. The analysis method combining event research method and regression statistic can analyze the market effect of the split share structure reform. The empirical results show that the split share structure reform policy has a significant impact on the stock market, and positive effect; non-tradable shareholders in the form of consideration to compensate shareholders of tradable shares in exchange for tradable shares, by the circulation of small and medium investors welcome, thus Which has laid the foundation for the successful completion of the stock reform. Most stock reform companies accumulate the average abnormal return rate after the stock reform has undergone a brief decline after the steady decline of the characteristics of the stock reform shows that the stock market has reached at least semi-semi-effective.