限售股解禁對股價的影響及解禁過程涉及主體的博弈分析.pdf

1、中國科學技術(shù)大學碩士學位論文限售股解禁對股價的影響及解禁過程涉及主體的博弈分析姓名：牟曉揮申請學位級別：碩士專業(yè)：管理科學與工程指導教師：@2011-05-12Abstract ABSTRACT Since the split share structure reform of 2005, the basic pattern of China's securities market had undergone a qualita

2、tive change. The significance of the split share structure reform is very prominent, but during this course, lots of non-tradable shares have to be lifted. Both for the investors and the development of the entire Chinese

3、 economy is a great challenge. Study and resolve the impact of non-tradable shares, both related to the interests of the shareholders, investors, regulators of all parties and also involves the development of long-term s

4、tability to the market. In recent years ，both at home and abroad a large number of studies on the influence of the non-tradable shares，but these studies are mostly confined to the non-tradable shares in itself, the rese

5、arch levels of all involved in the process of the main body are not deep, even if the combination the two sides. To this end, it is necessary to involve the non-tradable shares and main body together to study, analysis t

6、he respective balance of interests of their limitation in certain conditions. Firstly, this paper reviewed the literatures of the non-tradable shares and the game theory, discussed the existing ideas and theories; analyz

7、ed the representative samples of different industries by means of comparative analysis approach, and then, selected the dates from the bull market and bear market during 2006-2008, using the Event Study to empirical anal

8、ysis, focusing on the study of the cumulative abnormal returns and average abnormal returns in different times and different stages and use of Excel for the significance test, study the impact of lift of non-tradable sha

9、res to the security market, the results showed that the lifting of the non-tradable shares did not reduce the stock rate of return; then ,the paper analysed the non-tradable shares shareholders, the investors and the reg

10、ulators, which at the course of the non-tradable shares lifting, established the dynamic games of incomplete information model and the static games of complete information model, in order to solve the non-tradable shares

11、 problem in a reasonable way, we are to required to follow: improve the performance of listed companies, tighten supervision over, strengthen investors’ education and innovate the management mode of non-tradable shares a