不流动资产折价的实证检验——基于我国股权分置改革实践  

Empirical Study on Illiquidity Asset Discount:Based on Reform of Equity Segmentation in China

作　　者：冯玲[1] 郑振龙[2] 

机构地区：[1]福州大学财政金融系,福州350002 [2]厦门大学金融系,福建厦门361005

出　　处：《技术经济》2008年第11期73-80,共8页Journal of Technology Economics

基　　金：国家教育部人文社科研究2005年度规划基金项目(05JA790016);福建省科技厅2006年软科学重点项目(2006R0023);福建省高等学校新世纪优秀人才支持计划(闽教科文[2007]20号)

摘　　要：本文在连续时间局部均衡模型框架下,求出了时变的不流动资产折价率的解析式;在此基础上,对我国股权分置改革实践中国有股的对价支付进行了实证检验。结果表明:不流动资产折价率的理论研究结果并不支持股改公司实际支付的对价水平。其主要原因在于,各股改公司在确定支付对价比例时,实际上并没有充分考虑公司本身的特征对对价的影响,这说明我国股改过程中对价支付值不尽合理。Under the framework of continuous-time partial equilibrium,this paper provides a closed-form solution of time-varied illiquidity asset discount ratio. With the research results,it have a empirical examination about the consideration ratio in equity segmentation reform in China. The result shows that there are many differences between theoretical result and practical consideration ratio. The major causes are that,in fact, listed companies in equity segmentation reform don＇t fully consider the influence of companies＇ characteristics on consideration when determinating consideration ratio,which also indicates that eonsideration ratio in equity segmentation reform is not rational.

关 键 词：不流动资产折价率 对价水平 股权分置改革 

分 类 号：F832.51[经济管理—金融学]