在1980年代後期，中國開始建立證券市場，同時進行國有企業私有化改革，將部分中大型國有企業透過證券市場的方式上市，然而因中國政府對國有企業股份發行採取的是計畫額度管理，因此將這些公司的股票區分為不可流通股與流通股。持有不可流通股票的股東通常為國有企業或一般法人組織，他們的股票並不允許在證券市場上買賣。由於，中國股權分置的措施造成了市場上一些特殊的現象，例如制度性缺陷造成股票初次公開發行（IPOs）價格折價幅度過高或非流通股價格無法正確反映公司績效或非流通比例較高的上市公司傾向發放較高現金股利以補償控制股東的報酬或公司經營無效率或侵占公司資產等。為了解決股權分置造成證券市場缺陷的問題，中國證監會（CSRC）於2005年9月4日發布了「上市公司股權分置改革管理辦法」，將非流通股票(國有股與法人股)予以全部流通，中國政府期望能透過此項改革恢復資本市場的固有功能，同時解決上述所指市場的缺陷。據中國證監會指出，從2005年9月起至目前為止，完成股改公司佔全部上市公司的比例已達99%。
研究結果發現，中國股權分置改革後，整體上市公司的經營績效較好。然而，中國法律環境制度與歐美國家相比並非完善，且中國各省份的組織環境的不一致性，地方政府往往能夠控制地方的經濟、資本市場和法律環境。此外，國有企業尚未完全私有化（privatization）而持續控制在政府（中央或地方政府）或所委任的官僚體系手中，而過去國有企業與地方政府官僚相互勾結的情況嚴重，可能無法全面透過股權分置改革達到改善公司治理的情況。此外，對於國有企業而言，若所屬省份之法律組織環境較好者，其經營績效較佳。研究結果進一步顯示，法律組織環境較好之省份，受中央政府控制之國有企業(CGSOE) 經營績效正向增加邊際效果大於受地方政府控制之國有企業(LGSOE)。

In the late 1980s the Chinese government established the securities market and privatized the state-owned enterprises by letting these enterprises go public. However, the equity shares of these enterprises were categorized into tradable shares and non-tradable shares. Non-tradable shares, usually held by state-owned companies or other institutional investors, were not allowed to trade freely on the stock exchanges. The split-share structure has caused many adverse consequences to China’s securities market; for example, the price of non-tradable shares does not reflect firm performance, the magnitude of IPOs underpricing is apparently too large, and firms with a larger proportion of non-tradable shares tend to pay higher cash dividend and have poorer performance. In order to eliminate these drawbacks, the China Securities Regulatory Commission (CSRC) launched full circulation reforms of non-tradable shares (FCR) of listed companies in earlier 2005. From 2005 to now, about 99% listed companies have conformed to the reform and change their non-negotiable shares to be tradable. The authorities expected that the reform would improve the corporate governance of the listed firms and strengthen the intermediary function of the stock market.
The research indicated that the overall performance of listed companies is better after the the FCR reforms.However, the institutional features of China, for instance, a state-dominant shareholding structure, dominant government power over external monitoring and market, and inadequate legal system, also give rise to distorted corporate behavior. Furthermore, after the FCR reforms, the authorities do not float state-owned shares on the market and still control the trading of the equity shares of state-owned enterprises. If government is still interfering with capital market, it is doubtful whether the FCR reform can be effective in improving corporate governance. Besides, for the state-owned enterprises, its performance are better if the laws of their organizational environment is good.The research result also shows that the marginal positive effect in performance of the state-owned enterprises controlled by the central government is bigger than the local government.

目錄
第一章 前言.........................................................1
第一節 研究背景與動機...........................................1
第二節 研究貢獻.................................................3
第二章 股權分置改革介紹與文獻探討...................................4
第一節 中國資本市場介紹.........................................4
第二節 股權分置改革介紹.........................................5
第三節 相關研究回顧.............................................6
第三章 研究方法.....................................................9
第一節 假說發展.................................................9
第二節 研究設計................................................11
第四章 實證結果....................................................18
第一節 單變量分析..............................................18
第二節 相關係數分析............................................18
第三節 迴歸結果分析............................................19
第四節 額外測試分析............................................22
第五節 敏感性分析..............................................22
第五章 結論........................................................48
第一節 研究結論................................................48
第二節 研究限制與建議..........................................48
參考文獻...........................................................50

圖目錄
圖一：中國上市公司股權結構圖........................................4

表目錄
表3-1：樣本篩選過程.................................................15
表3-2：樣本產業分佈狀況.............................................16
表3-3：樣本年度分佈狀況.............................................17
表4-1：各變數依股改前後之平均數與中位數檢定.........................26
表4-2：各主要變數之相關係數表.......................................27
表4-3-1：股權分置改革與公司績效之迴歸分析結果(ROA_t).................28
表4-3-2：股權分置改革與公司績效之迴歸分析結果(ROA_t).................29
表4-4：股權分置改革與公司績效之迴歸分析結果(ROA_t)...................30
表4-5-1：股權分置改革與公司績效之迴歸分析結果(ROA_(t+1))...............31
表4-5-2：股權分置改革與公司績效之迴歸分析結果(ROA_(t+1))...............32
表4-6：股權分置改革與公司績效之迴歸分析結果(ROA_(t+1)).................33
表4-7-1：股權分置改革與公司績效之額外迴歸分析結果(ROA_t).............34
表4-7-2：股權分置改革與公司績效之額外迴歸分析結果(ROA_t).............35
表4-8：股權分置改革與公司績效之額外迴歸分析結果(ROA_t)...............36
表4-9-1：股權分置改革與公司績效之迴歸分析結果(ROE_t)..................37
表4-9-2：股權分置改革與公司績效之迴歸分析結果(ROE_t)..................38
表4-10：股權分置改革與公司績效之迴歸分析結果(ROE_t)..................39
表4-11-1：股權分置改革與公司績效之迴歸分析結果(ROE_(t+1))...............40
表4-11-2：股權分置改革與公司績效之迴歸分析結果(ROE_(t+1))...............41
表4-12：股權分置改革與公司績效之迴歸分析結果(ROE_(t+1))................42
表4-13-1：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_t) ..........43
表4-13-2：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_t) ..........44
表4-14：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_t)............45
表4-15-1：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_(t+1)).........46
表4-15-2：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_(t+1)).........47
表4-16：股權分置改革與公司績效之迴歸分析結果(TOBIN'' s Q_(t+1))..........48

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靳慶魯和原紅旗，2006，「公司治理與股權分置改革對價的確定」，上海財經大學會計與財務研究院未出版論文。
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