Notice of RetractionStudy on Impact of Small and Medium Board Listed Companies Performance before and after Non-Tradable Share Reform------ An Empirical Study of Chinese Listed Companies

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

It has caused a wider concern that what kind of influence has had on the performance of the company after the Non-tradable share reform. This paper takes 50 small and medium-sized board listed Companies companies as samples that had non-tradable share reformed in 2005, test the range of 5 years before and after the non-tradable share reform, and inspect the company´s stock performance impact before and after the reform. The results showed that: non-tradable share reform has made the overall performance of small and medium-size board company generally showing the characters that rising at first and falling later. Specifically, There was a marked drop in the short-term (the current year and the first year of non-tradable share reform ) , and then (after the share reform next year, the third year) has been gradually increasing.