股权分置改革对价水平影响因素的再比较

A Comparison Study of Factors Consideration Level of Equity Division Reform

用本文在改善以往研究方法及扩大样本范围的基础上,利用多元线性回归分析和主成份分析两种方法对股改中对价水平的影响因素进行比较研究。实证发现:影响对价水平的因素主要有五个,而非流通股比例大小、市场流通溢价是决定对价水平高低的两个最主要因素,反映出在股改实践中,对价水平在一定程度上权衡了非流通股股东与流通股股东之间的利益,而这有利于市场的稳定和股改的顺利完成。

This paper improves the past study method and enlarges the range of range of sample shares to analyze the factors of consideration level on the reform of equity separation by using the multivariate linear regress model and the principle component method .The empirical result shows that there are five main factors together to affect the consideration level; among which are two leading factors： the proportion of no-circulation shares and the circulation overflow of market. It shows the consideration level balances the interest between the circulation and no-circulation shareholder. It helps to stabilize the share market and push on the Equity Division Reform smoothly.