Abstract：By using the data from 2004 to 2008, this paper studies the policy effect of stock market reform. Based on the characteristic of gradual stock market reform, we use the method of difference-in-difference to analyze the policy effect of stock market reform, and find out that stock market reform improves firm performance extensively, ROA improving by2.19%. Further more, the research finds out that this policy change has consistent impact: ROA improves by 1.14% in the year of stock market reform and by 1.69% in the first year after stock market reform, and the impact of stock market reform decreases after that. This research is important to understand stock market reform.
2010, Vol. 1 
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