股改方案设计、对价与非流通股东价值判断研究——以广东省上市公司为例

The Design of Stock Segmentation Reform Plan,Consideration and the Value Evaluation of Non-tradable Share:Based on Listed Corporations in Guangdong Province

股权分置改革对价隐含着非流通股东怎样的价值判断?论文首先论证提出了一个看涨期权的分析框架,然后基于广东省的股改样本进行了倒推测算分析。结果发现:平均而言改革前非流通股东对非流通股份的价值评估对净资产溢价幅度超过了30%;计量分析则证实对价水平与二元股权结构正相关,同时与二元市值结构及二元价格结构负相关;进一步的分类比较得出了总股本不变型方案相对于总股本扩张型和总股本缩减型对价更为合理的结论。

How did non-tradable share holders evaluate their shares in Stock Segmentation Reform? To answer it,this paper puts forward a framework based on call option and then calculates the evaluation in reverse based on reform samples in Guangdong province.The conclusion includes as follows:Firstly in average the evaluation on per non-tradable share exceeded 1.3 times of its net asset value. Secondly the consideration level is positively related to dualistic share structure and negatively related to dualistic structure in market value as well as market price.Thirdly the plan with unchanged stock capital is relatively better than the other two.