在全流通预期下，股改的结果之一是股票可上市流通量呈现脉冲式扩张，其影响将迥异于以往股市历史中任何一次常规性大扩容。而对价股份上市的价格压力，之所以没有在市场整体走势上得到反映，关键在于根据沪深证交所的规定，对价股份上市首日不计入指数，而从次日计入。但随着股改公司非流通股解冻期的临近，这部分股票所带来的扩容压力不容忽视，而且也没有可能再采取不计入指数的方式加以处理广州翻译公司。

Under the anticipation of entire circulation, one of the results of stock reform is as follows: the current amount of stock will present pulse-type expansion, and the involved influence will be different from any normal big expansion in the history of stock market. As to the price pressure of consideration share coming into market, the key reason why it isn’t reflected in the whole tendency of market is that the consideration stock won’t be calculated into index in the first day but next according to the regulation of Shanghai and Shenzhen stock exchange. While with the unfrozen period of non-circulated stock in stock-reform company coming near, it can’t ignore the expansion pressure brought by this part of share, and it is impossible to dispose in the method of not being circulated into index any more.

股权分置改革的启动为研究公司价值和总股本不变条件下的可上市交易股票扩容的价格压力提供了最佳实践平台，而关于这方面的文献几乎空白，成熟市场也没有可借鉴的经验，本文试图通过构建基于全流通预期与公司价值不变的股票扩容价格压力模型，揭示股改扩容的潜在压力，并借助事件分析方法和回归模型进行了实证检验专业翻译公司。

The start of share merger reform provides best practice platform to study the price pressure of listed trade stock expansion under the condition that the company’s value and total capital stock keep unchanged, but it is nearly blank of the literature on this aspect, or there is no experience able to be used for reference on mature market. This paper tries to disclose the potential pressure of stock reform expansion through building price pressure model of stock expansion based on the anticipation of entire circulation and unchanged company’s value, and also carries through empirical test by affair analysis method and regressive model.