Based on the sample of the non-tradable shares transfer and restricted shares transfer, the paper analyzes the tunneling before and after the non-tradable share reform.
基于非流通股协议转让交易的样本和限售股协议转让交易的样本，实证检验了股改前后上市公司的利益输送行为。
Even non-tradable share reform failed to thoroughly change the situation.
即使是股改也未能彻底改变这一局面。
In addition, the study also finds that the non-tradable share reform has been impacting the investor's valuation standards.
此外，本文研究还显示，股权分置对于投资者行为及其估值标准有基本而重要的影响。
In addition, the study also finds that the non-tradable share reform has been impacting the investor's valuation standards.
此外，本文研究还显示，股权分置对于投资者行为及其估值标准有基本而重要的影响。
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