Positive impact:
1. Improve corporate governance: The share-trading reform makes the interests of non-tradable shareholders and tradable shareholders tend to be consistent, which is conducive to improving the governance level of listed companies.
2. Promote the healthy development of the capital market: the reform of non-tradable shares eliminates the price distortion of the capital market and is conducive to improving the pricing efficiency and resource allocation function of the capital market.
3. Improve the company's valuation: After the share-trading reform, the interests of non-tradable shareholders and tradable shareholders tend to be consistent, which is conducive to improving the company's valuation.
4. Increase investor confidence: The share-trading reform makes the capital market more fair, just and open, which helps to enhance investor confidence and enhance the attractiveness of the capital market.
Negative effects:
1. Short-term fluctuation of stock price: In the process of share-trading reform, due to the adjustment of interests of non-tradable shareholders and tradable shareholders, the stock price may fluctuate in the short term.
2. Dilution of shares: After the share-trading reform, shareholders of non-tradable shares may realize gains by reducing their shares, resulting in dilution of shares of listed companies.
3. Changes in corporate control: After the share-trading reform, the shareholding ratio of non-tradable shareholders and tradable shareholders may change, resulting in changes in corporate control.
To sum up, the reform of non-tradable shares has positive and negative effects on the value of listed companies. In the long run, the reform of non-tradable shares is conducive to improving the governance level of listed companies, promoting the healthy development of the capital market, improving the company's valuation and increasing investor confidence. However, there may be some challenges in the process of reform, which require policy makers and listed companies to take effective measures to deal with.