股权分置改革方案的影响因素研究——基于股权结构与方案特征的分析

Studying on Influencing Factors of Equity Splitting Reform Scheme——Based on equity structure and scheme characteristic

以股改方案中影响股东利益的对价及承诺等方案特征为研究出发点,分析股权分置改革方案的影响因素,进而研究股权结构与股改方案特征之间的关系。通过假设检验,流通股东获付比例更多的是反映一种市场的均衡预期,而非流通股东送出比例则更真实的反映股改方案的对价成本,而且股权结构对方案各特征起了重要影响作用,非流通股股东行为影响方案的同时也受股权结构的影响。

This paper studys on the characteristic of considerations and commitments that influence on shareholder benefits in equity splitting reform, analyzes the influencing factors of equity splitting reform, furthermore, explores the relationship between equity structure and scheme characteristic. Empirical tests appear that the negotiable shareholders were endowed proportion considerations that mostly reflect equilibrium expectation and consideration costs that the non- negotiable shareholders paid, what＇s more important that equity structure has an important effect on various scheme characteristic, at the meantime, the behavior of the non- negotiable shareholders was also influenced by equity structure.