非流通股价值、股改对价与解禁股减持回报

Value of Non-tradable Shares,Consideration Ratio and the Return Release Shares' Sell

本文以2002—2006年A股非ST类上市公司的388笔非流通股交易为研究对象,得出以下主要结论:第一,非流通股转让价格仅仅是当日非流通股交易价格的0.336;非流通股转让价格相对于流通股价格的比率受非流通股比例的负面影响;第二,此轮股权分置改革对价大多集中于"10送3.07股",远低于合理送股对价水平,实际送股数量难以保证流通股股东的合理经济利益。进一步的分析也表明,股改前非流通股比例、非流通股转让价格比例是影响大小非套现回报率的重要因素。

This paper studies 388 samples of non-tradable Shares' deal that come from the listed companies in A stock market of China.The paper discovers that the price of non-tradable shares is 0.336 of the price of tradable shares,ratio of non-tradable share have important and negative affect on the price of non-tradable shares.Besides,consideration ratio of reform is that tradable shareholders get 3.07 shares every 10 shares,the consideration ratio of reform is under equity level.The paper suggests that the ratio of non-tradable share and price of non-tradable share have important effect on the Return Release Shares' Sell.