关于股权分置改革对公众投资者利益影响的分析

Analysis of the influence of shareholder structure reform on the interests of mass investors

以45家试点公司和中小板上市公司为例分析了股改对公众投资者利益的影响,结果发现,股改改变了公司股权结构,第一大股东持股比率明显下降,第二股东对第一股东制约力强了;现有公众投资者股权价值也得到了提高,但公司业绩没有发生明显上升,股改能增加价值还有待验证。

This paper analyzes the influence of shareholder structure reform on the interests of mass investors by taking 45 experimental companies and listed companies on medium - sized and small panel as examples. The results indicate that the shareholder structure reform changed shareholder structure of the companies, that the biggest shareholder obviously reduced shareholding proportion, that the second-level shareholder has stronger restriction on the biggest shareholder, the share-holding value of present investors is raised, and that, however, the performance of the listed companies is not obviously changed. Whether the shareholder structure reform can increase value of shares needs to be tested.