股权分裂与国有股流动性溢价:基于流动性的经济学分析  

Ownership Split and Liquidity Premium of State Shares: A Liquidity-Based Economic Analysis

作　　者：汪昌云[1] 汪勇祥[2] 

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]中国人民大学金融与证券研究所,北京100872

出　　处：《中国人民大学学报》2004年第6期23-28,共6页Journal of Renmin University of China

摘　　要：　国有股、法人股的存在降低了二级市场的流动性,导致证券定价缺乏效率,从而降低了社会福利。必须对国有股和法人股进行流动性变革,以合理的方式消除国有股所包含的巨大风险和不确定性,促进经济资源的优化配置。而流动性变革的关键在于国有股的合理定价,因此,在国有股定价过程中,必须充分考虑到非流通股的控制权溢价、非流通股在投资者财富中所占的比重、流通所受限制时间的长短及股价波动性等因素。This paper delves into the intrinsic relationship among the presence of state and legal-entity shares, market liquidity and social welfare. The analysis shows that the presence of state and legal entity shares decrease liquidity in the secondary market, thus leading to inefficient asset pricing. So some kinds of measures should be taken to solve this distortion. Since the key factor of full marketability is to precisely price state and legal-entity shares, we further discuss the factors that are key to the pricing of state and legal-entity shares, and the methods to estimate their liquidity premiums.

关 键 词：金融经济学 上市公司 股权分裂 国有股 流动性溢价 经济学分析 法人股 控制权溢价 非流通股 

分 类 号：F830.91[经济管理—金融学]