股权分置改革的对价方式选择——理论模型与实证研究  

The Choice of Consideration Means in the Stock Right Division-allocation Reform——A Theoretic Model and an Empirical Study

作　　者：钱雪松[1] 邹薇[2] 

机构地区：[1]华中科技大学经济学院 [2]武汉大学经济与管理学院

出　　处：《南大商学评论》2007年第1期104-119,共16页Nanjing Business Review

基　　金：本研究受国家社会科学基金重大招标项目"新型工业化道路的工业结构优化升级研究"(批准号06&ZD035);国家985研究项目"科技发展与人文精神创新基地"的资助。

摘　　要：本文构造了一个信号传递模型来分析股权分置改革中对价方式的选择问题,指出对价方式的选择不仅发挥着补偿流通股股东的作用,而且是企业内部人向外部投资者传递企业价值的私人信息的渠道。基于我国股权分置改革数据的实证分析,在一定程度上支持了本文的理论模型。本文对股权分置改革有启发意义的几个结论是:其一,没有放之四海而皆准的对价方案,必须根据企业的具体情况因地制宜地制定对价方案,股改的市场分散化决策思路对股改是否取得成功具有重要意义;其二,企业原有股东的流动性需求L对股票价格走势有显著影响,要想使得股改前后股票市场价格不产生大的波动,一方面要引导企业确定合理减持方案以避免未流通股票扎堆性地上市流通,另一方面要建立起投资者对股市良性发展的信心以增强股市吸纳能力。The paper develops a signaling model where insiders inform outside investors the private information about the firm's value through selecting consideration means.We define the signaling equilibrium and give it's characters.In our model,consideration means have two functions.One is to compensate investor,the other is served as signaling means.Moreover,at some sense,the empirical analyses support the theoretical results.The implication for the Stock Right Division-allocation Reform is obvious.Firstly,there doesn't exist an general compensation scheme.We must design the compensation scheme case by case according to the special environment. Secondly,the liquidity demand L imposes the significant influence on the price of equity.In order to avoid the big fluctuation of equity prices,we have two things to do.On the one hand,corporate must work out proper plans about reducing state's stake.On the other hand,we must make investors be confident of the good development of equity market.

关 键 词：对价方式 信号传递 信号传递均衡 

分 类 号：F224[经济管理—国民经济] F832.51