【摘要】 股权分置已成为影响我国资本市场持续发展的一个重要因素。目前,我国的股权分置改革正全面铺开,以期实现资本市场的全流通。本文首先建立了考虑全流通预期的我国证券市场交易者策略模型,通过对波动性因素的分析得出了若干假设,从理论上推导出全流通对市场质量所可能产生的影响。然后以目前股权分置改革期中已完成股权分置改革的435家公司为样本对理论假设进行实证分析,发现全流通对市场波动性产生了一些影响。更多还原

【Abstract】 Non-traded share reform becomes one of the important factors affecting capital market development in China.This paper builds a theoretical model to study how making non-traded shares tradable affects market volatility.The model takes into account the expectations of market participants on the consequences of the circulation of the non-traded shares.The hypotheses deducted from the model are empirically tested using a sample of 435 companies that had finished the non-traded share reform.We find that the circulation of all shares affects the volatility of the market.更多还原