股权分置改革后受限股票全流通问题研究——雀巢公司案例分析及启示

股权分置改革后,非流通股转为受限股票,取消受限股票的流通限制而实现全流通是股改后中国证券市场面临的又一重大课题。本文介绍了雀巢公司在1988年取消受限股票限制的方案及市场对该方案的反应,并通过建立数学模型对方案进行理论分析,结果表明,股票需求价格弹性(e)及受限股本与不受限股本比值(q)是影响取消限制后全体股东利益的关键因素。最后,根据模型的研究结论,本文对中国上市公司“股改”后受限股票全流通问题提出了相应解决对策。

A study on the full marketability problem of restricted shares after the reform of dual-class equity structure: The case analysis and enlightenments of Nestle Company

After the reform of dual-class equity structure,it's a crucial problem to realize the full marketability for the restricted shares.This paper analyzes the project of the Nestle Company which canceled the restriction on its different investors in 1988 and the reaction of the market to the project based on a mathematic model. The results indicate that the demand elasticity and the proportion of the restricted shares are the key elements influencing the wealth of the whole shareholders. At last, the paper put up some suggestions for realizing the marketability of restricted shares after the reform of the dual - class equity structure in China.