股权分置改革送股方案研究

The Application and Analysis of the Stock-Paid Method in the Reformation of Stock Ownership Split

首先提出非流通股向流通股支付对价的定量分析模型,进而根据零和假设推出送股方案定量分析模型并指出了影响送股率的因素.利用该模型计算的送股率,对试点公司的送股方案进行合理、定量地预期.投资者也可以用上市公司已经公布的送股率来测算内含非流通股价值评估系数,来评判试点公司方案中的内含溢价或折价是否合理.

In this thesis, the quantitative analysis mode of the comparative value that non-circulation shareholder should pay for the circulation shareholder is put forward,then a stock-paid method mode based on the zero-sum hypothesis is set up. The calculated stock-paid rate can be used to get a rational and quantitative anticipation for the reformation scheme. Investor can also use the rate to calculate the non-circulation-share-connotative value evaluation coefficient to judge whether the scheme of the pilot listed company is reasonable or not.