中国上市公司配股定价问题探讨  

Probing into Pricing for Re-offering of China's Listed Companies

作　　者：张忠永[1] 奉立城[1] 

机构地区：[1]对外经济贸易大学国际经济贸易学院,北京100029

出　　处：《金融理论与实践》2007年第2期69-71,共3页Financial Theory and Practice

基　　金：中国金融市场的发展与风险防范研究--中国金融市场的制度性缺陷的研究(项目号:e12003)

摘　　要：根据配股过程中的股东利益的变化,对全流通和股权分置条件下的配股定价分别建立数理模型进行分析,建立了不同条件下的配股定价模型,求得对应的合理定价区间,并据此对2003-2005年配股的44家公司进行了实证研究,验证了我国配股定价普遍高估的结论,并发现市场对定价高估具有一定的识别能力。According to variation of the interests of share-holders in the course of reottering, an analysis is made for the reoffering pricing respectively by constructing mathematic models for all circulating shares and split share conditions; different reoffering pricing models under different circumstances are built; and corresponding reasonable pricing sections are obtained. Then an empirical research is made on forty-four companies which have made reoffering in 2003 to 2005, certifying the conclusion that China＇s reoffering pricing is generally over-estimated, and finding that the market owns some ability to identify it.

关 键 词：证券市场 上市公司 配股 定价 股权分置 

分 类 号：F830.91[经济管理—金融学]