中国股票市场的流通性价值及其影响因素研究——基于股权分置改革的经验证据  

Research On the Marketability Value and Its Factors in Chinese Stock Market:Evidence From the Split Share Reform

作　　者：刘婧颖[1] 张顺明[1] 

机构地区：[1]中国人民大学财政金融学院

出　　处：《投资研究》2014年第12期97-109,共13页Review of Investment Studies

基　　金：国家自然科学基金面上项目(项目号:71273271);中国人民大学重大基础研究计划(项目号:2014030001)的资助

摘　　要：证券流通性能够产生价值。股权分置改革将完全不能流通的非流通股转变为能够预期到解禁时间的有条件限售股,股票流通性发生变化。本文利用非流通性折价(DLOM)的概念,通过对价和价值总和两种方式计算出股改前后股票流通性的变化值,并对DLOM的影响因素做了较为全面的分析。本文的研究结论对于当前有条件限售股的估值具有一定的参考价值。The marketability of stock produces value. The Chinese split share reform has transferred the non-tradable shares into restricted shares whose time of being lifted up can be expected in the future, thus leading to the change of marketability. Using the conception of DLOM,the value of the change on marketability due to split share reform is calculated in two ways--the consideration and total value of stocks. The factors influencing DLOM are also analyzed. The conclusion sheds light on the valuation of the restricted shares.

关 键 词：流通性价值 非流通性折价 股权分置改革 

分 类 号：F832.51[经济管理—金融学]