股权分置改革受限股份流通次序

本文采用分量回归模型．具体研究国有股权对不同业绩水平上市公司影响程度的差异。结论表明．国有股权对公司业绩具有负面影响，且对不同业绩水平上市公司的影响程度存在明显差异．业绩越好的公司，国有股权带来的负面影响越严重。因此，基于市场承受能力的限制．从提高市场整体效率的角度出发．政府在股权分置改革第二阶段．安排受限股份上市流通时．应该考虑首先安排业绩好的上市公司的受限股份优先进入流通。实证分析结果还验证了现阶段我国市场上规模经济效应的存在。

Study on the Circulating Sequence of Limited Shares in Shareholder Structure Reform

Based on Quantile Regression Model(QRM),this paper focus on the differences in state-owned shares' influence on com- panies with different performance.Our conclusion indicate that state-owned shares have a negative effect on companies' performance and the effect is significantly different for companies with different performance,that is to say,the better performance the company has,the worse do state-owned shares influences the company's performance.As a result,considering the limitation of the market's capacity,shares of good performance companies should be arrange to circulate priory in the second stage of shareholder structure reform,which can improve the whole efficiency in market.The empirical results also find that there is economic effect of scale in China stock markets.