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1·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。

2·Share buybacks may remove some immediate concern about a potential flood of previously non-tradable shares onto the market.

股份回购可能会消除投资者眼前对“大小非”可能涌入市场的担忧。

3·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。

4·There are huge changes in Securities Market in 2006. With the solution of non-tradable share problem, Securities Market will step into Post-Non-Tradable Share Period.

2006年是中国证券市场制度变革年，伴随股权分置问题的解决，证券市场进入了后股权分置时代。

5·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。

6·There will be huge changes in securities market in 2006. With the solution of non-tradable share problem, securities market will begin to post-non-tradable share period.

2006年是中国证券市场制度变革年，伴随股权分置问题的解决，证券市场进入了后股权分置时代。

7·Share-split is a situation that tradable and non-tradable stocks coexist in the listed companies of China.

股权分置是指我国上市公司中存在的非流通股和流通股并存的情况。