| | | | | 股权分置改革对价方案解析 | | | 丁志国;苏治;杜晓宇 | | | 本文从经济学基本原理出发,重申股权分置改革的最终目的是从根本上解决我国股市存在的资源配置效率低下和主体缺失的制度性缺陷问题,认为合理对价支付比例的确定应该遵循政策中性原理,并根据套利理论推导出市场均衡条件下的对价公式,对46家试点公司和进入全面股改后推出的前两批72家公司的对价方案进行剖析,认为部分公司对价支付比例存在不合理的原因是方案确定的原则存在片面性。
【作者单位】：吉林大学数量经济研究中心;吉林大学数量经济研究中心;吉林大学数量经济研究中心
【关键词】：股权分置改革;经济学解析;对价支付;股本结构
【基金】：2005年国家自然科学基金项目(70573040);2005年国家社会科学基金项目(05BJY100);2002年教育部重大项目(02JAZJD790007);教育部经济分析与预测哲学社会科学创新基地资助
【分类号】：F832.51
【DOI】：cnki:ISSN:1000-8306.0.2006-01-004
【正文快照】：
2005年4月29日中国证监会下发了《关于上市公司股权分置改革试点有关问题的通知》,随后推出了两批上市公司进行股权分置改革试点,截止到10月23日已有183家上市公司完成或进入了股改程序,深圳中小企业板已经实现了全流通,一切均表明中国资本市场正迎来一次深刻的制度变革[。1]截止到2005年4月底,我国上市公司总市值33871·08亿元,其中流通市值10658·39亿元,非流通市值23212·69亿元,非流通市值占上市公司总市值的68·53%,国有股份在非流通股份中占绝对比例[。2][3]由此可见,股权分置改革是一项艰巨的任务,关乎数万亿优质国有资产,关系到中国… | | |  推荐 CAJ下载  PDF下载 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | Analysis of Consideration Scheme in Shareholder Structure Reform | | | Ding Zhiguo~1 Su Zhi~2 Du Xiaoyu~3 | | | Starting from the principles of economics theories, this paper states that the final aim of shareholder structure reform is to resolve the systematic problem in the term of low allocating efficiency and agent default in China stock markets.In our opinion,listed companies should find out a rational consideration ratios basing on fair policy principle.According to arbitrage theory,we set up Rational Consideration Formula in equilibrium market.Empirical analysis on 46 experimental corporations and 72 firms carrying out the reform recently shows that,because of unilateralism in calculating principle of consideration ratios,some firms have made unreasonable consideration schemes.
【Keyword】：shareholder structure reform;economic explanation;consideration payment;share structure |
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