二元股权结构下的配股定价与公司价值  

THE PRICING FOR RIGHTS OFFERINGS AND FIRM VALUE UNDER DUAL CLASS OWNERSHIP

作　　者：朱凯[1] 

机构地区：[1]上海财经大学会计学院

出　　处：《中国会计与财务研究》2005年第4期105-147,共43页China Accounting and Finance Review

基　　金：本文为陈信元教授主持的国家社会科学基金项目（03BJY021）和上海市教育发展基金会资助项目的阶段性成果.在本文的形成过程中,上海财经大学会计与财务研究院陈信元教授和实证研究讨论班成员、香港理工大学俞伟峰教授、上海国家会计学院张人骥教授和两位匿名审稿人提供了很多有益的建议,一并表示感谢.但文责自负.

摘　　要：本文研究了二元股权结构下流通权价值对公司配股发行定价和流通股价值的影响。由于流通股与非流通股之间存在流通权价值差异，两类股东同股同价认购股票，将使非流通股东蒙受损失。非流通股股东通过调整认购比例和发行价格，影响配股发行折价，并进一步影响流通股市场价值。本文以1998～2001年发行配股的公司为样本，研究结果支持了理论预测，流通权价值的再分配是影响中国公司融资决策的重要因素。This paper proposes a model to explain the effect of the difference in liquidity between the tradable and non-tradable shares on the pricing for rights offerings and the value of tradable shares under the dual class ownership structure in China. In this model, the shareholder of non-tradable shares, who is the controlling shareholder and will suffer a loss due to the liquidity difference, may adjust their subscription ratio and offer price to achieve their ex- pected return, hence influencing the offer price discount. The evidence from Chinese firms with rights offered between 1998 and 2001 supports the predictions and demonstrates that the dual class ownership structure has a significant effect on financing decisions among Chinese listed companies.

关 键 词：二元股权结构 流通股价值 配股定价 公司价值 

分 类 号：F832.5[经济管理—金融学]