中国上市公司股权分置改革中的利益分配研究

A Study on Benefits Allotment in the Reform of Shareholder Structure of China's Listed Companies

本文通过模型推导和实证分析探讨非流通股东和流通股东在股权分置改革中的利益分配状况,结果发现,在完成股改的公司中,大部分样本公司的两类股东在股改中获得增量收益、实现“双赢”;在流通股东和非流通股东均获得增量收益的公司中,股改的增量收益未能在两类股东间均分;非流通股比重、公司业绩、公司成长性、非流通股转成流通股份额是影响上市公司股改实际对价水平的重要因素,而流通性溢价、流通股东认可程度和非流通股转成流通股期限等因素未能在实际对价水平的确定上起到关键性作用。

This paper discusses the benefits allotment in the process of dual-class equity structure reform and explores the internal factors influencing the real consideration with the model deduction and empirical evidence. The findings reveal that among the companies that accomplished the reform, the dual-class shareholders of most companies obtain the added benefits, but the added benefits in the reform have not been allocated equally. The portion of nonnegotiable shares, corporate performance, growth, shares to be converted to negotiable shares are the critical factors influencing the real consideration, while market premium, acceptance degree of negotiable shareholders and term to be converted to negotiable shares have not been paid more attention to in the reform.