The Study on Wealth Effect in Shareholder Structure Reform

摘要

The shareholder structure is a special problem in China. Based on the samples of 952 listed companies reformed,this paper studied the price violation of listed companies in shareholder structure reform. The shareholder structure reform can be divided into seven categories of consideration scheme.This paper applied event-study method to study on the shareholders' wealth effect. The results showed that all reformed companies except stock-shrunk companies could obtain significant increase in wealth.