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对股权分置改革市场效应的探讨——基于46家股改试点公司的实证分析 被引量:7

A Study of the Market Effect of Share-trading Reform——An Empirical Analysis Based on 46 Pilot Companies
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摘要 股权分置改革不能重蹈以往国有股减持的覆辙,要在逐步扩大的股改活动中吸取经验和教训,增强和灌输投资者真正的“投资”理念,不仅以短期利益来评判股改公司,而应关注其长期发展前景;要形成流通股股东与非流通股股东之间的利益制衡机制,使对价支付率在其充分博弈中形成;要加强股改公司与流通股股东的沟通,使其充分理解公司股改方案;对价设置应考虑流通股股东心理承受能力,从而降低股改相关成本。 Share-trading reform cannot take the same disastrous road of state-owned share lessening. It is necessary to draw lessons and experience from the expanding reforms and reinforce and instill into investors true conception of "investment", i.e. not judging the companies by short-term interests, but focusing on long-term prospects. A mechanism needs to be established to balance the interests of holders of tradable shares and non-tradable shares, forming consideration payment rate in adequate interactions between them. There is also a need to strengthen the communication between the companies and holders of tradable shares, making the latter fully understand the reform scheme. Due consideration should be given to the bearing capacity of holders of tradable shares, thus reducing the cost of reform.
作者 李琪琦
机构地区 西南财经大学
出处 《贵州财经学院学报》 2006年第1期35-40,共6页 Journal of Guizhou College of Finance and Economics
关键词 股权分置 股权分置改革 对价 实证分析 share-trading share-trading reform consideration empirical analysis
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