股票全流通经济影响研究进展:述评与启示  

On the Economic Impact of the Full Circulation of Stock:Review and Enlightenment

作　　者：马德芳[1,2] 

机构地区：[1]中央财经大学会计学院,北京100081 [2]河南工业大学,河南郑州450001

出　　处：《上海金融》2011年第6期67-71,共5页Shanghai Finance

摘　　要：股权分置改革后上市公司股票全流通对我国资本市场产生了一系列深远影响,一方面体现为对上市公司治理、企业业绩和信息披露有直接影响,另一方面体现为解禁和减持时产生的股东行为变化和市场反应。本文分别从这两方面对相关文献进行了梳理,并进行了回顾与述评,指出已有研究中的不足,并从股改方案追加补偿承诺、控股股东的长期行为变化、高管薪酬与业绩敏感度变化趋势等方面指出了进一步研究的方向。The full circulation of listed shares after the split share structure reform has tremendous impact on Chinese stock market.Its economic consequence can be understood through not only its direct impact on corporate governance,company performance and information disclosure,but also its impact on the behaviors of unlock-up shareholders and the market reaction to the events of lock-up expiration and subsequent share selling-off.This paper reviews the relative literature from the above two perspectives,points out the defects of extant researches and argues for some improvements.In the end,the article proposes further research on supplementary compensation of the reform scheme,controlling shareholders＇ long-term behavior changes and sensitivity of management compensation to company performance.

关 键 词：股权分置改革 全流通 解禁 减持 

分 类 号：F830.9[经济管理—金融学]