法人股拍卖折价的研究

Study on Auction Discount of Corporate Shares

法人股拍卖的实证研究结果表明,法人股因缺乏流动性导致平均77.45%的折价。同时实证研究表明,在目前中国的证券市场上,法人股交易的拍卖方式比协议转让方式更具有效率,交易价格更理想。通过对影响法人股拍卖折价相关因素的实证分析,可以得出公司的股东权益、每股净资产、净利润、国有股比例、股本总数及总资产对于法人股的折价具有很高的负相关性。

The demonstration of corporate shares auction proves that the average discount rate ofcorporate shares is 77.45% due to its liquidity shortage. In current securities market, theauction method is more efficient than the transfer agreement, and the auction price is alwaysmore ideal than the transfer price. Through the analysis of the factors which influence theauction price of corporate share, it can be concluded that the corporate equity, NAV pershare, net profit, proportion of state-owned shares, total shares and total assets show sig-nificantly negative correlations with the discount of corporate share.