It is precisely because of these two reasons, after the reform of non-tradable shares, listed companies have a strong market value management motives.

正是基于上述两方面原因，“股改”后的上市公司有强烈的股票市值管理动机。

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Since 2007, overall listing is the formation of an unprecedented boom, if reform of non-tradable shares is the most import thing in 2006, then in 2007, is overall listing.

2007年以来，整体上市更是形成了一个空前的热潮，如果将2006年称为股改年的话，2007年可以称作是整体上市年。

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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。

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