〖Abstract〗China listed companies have a characteristic structure of equity ownership , which non-circulating equity ownership owned by state and companies have the large fraction. It effects stock price. We develop a model to analysis A share stock market's responding to the volume and structure of circulating equity ownership. Our analysis is based on the data of 389 IPOs listed at shanghai and shenzhen stock markets during 1997-1999. We find a significant positive relation between stock price and two factors of EPS and PE ratio; Stock price has very significant negative relation to the volume of circulating common stocks. The structure of circulating common stock has a negative effect on stock price. We also find no positive significant relation between stock price and the first controlling non-circulating shareholder. The results provide useful information to circulate non-circulating equity ownership.
Key Words：Stock Market , Listed Companies, the Volume of Circulating Common Stocks, the Structure of Circulating Common Stocks
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