股改对流通股股东财富影响的实证研究

Empirical Research of Influence of Shareholding Reform over Transferable Shareholders Wealth

我国股市的二元制结构在长期中对证券市场造成了很多的困扰,其中最大的问题是使得证券二级市场的风险增高,从而流通股股东承担着相对过高的成本。2005年4月开始,股权改革开始坚决地实施,本文就股改的结果做出实证检验,发现在股改改后的一段时间里流通股股东利益得到了补偿,并且股改的对价方案对流通股股东的利益影响是最大的。

The Chinese stock market has been bothered by its dual structure for a long period, and the biggest problem is the increasing risk appears in the secondary market, which make the circulating shareholders burden comparative higher cost. Began in April 2005, the Reform of shareholder structure was promoted by CSRC stoutly. This article did empirical analysis on the effect of the Reform of shareholder structure with the conclusion that the full-circulation A-share holders will be comoensated after a period of time. and the most influential issue is the consideration scenario.