| 对价支付影响因素的理论和实证分析 |
| |
| 引用本文： | 吴超鹏,郑方镳,林周勇,李文强,吴世农.对价支付影响因素的理论和实证分析[J].经济研究,2006(8). |
| |
| 作者姓名： | 吴超鹏 郑方镳 林周勇 李文强 吴世农 |
| |
| 作者单位： | 厦门大学王亚南经济研究院，厦门大学王亚南经济研究院，厦门大学王亚南经济研究院，厦门大学王亚南经济研究院，厦门大学王亚南经济研究院 厦门大学管理学院，邮政编码:361005，厦门大学管理学院，邮政编码:361005，厦门大学管理学院，邮政编码:361005，厦门大学管理学院，邮政编码:361005，厦门大学管理学院，邮政编码:361005 |
| |
| 摘 要： | 我国上市公司股权分置改革成功与否关系我国证券市场未来的发展。本文根据财务理论,结合国情构建6个研究假设,并以330家实施股权分置改革的上市公司为样本,应用实证研究方法,探讨非流通股东的对价送出率及流通股东的对价送达率的影响因素。研究发现股改工作中所采用的市场化博弈机制可在一定程度上保障对价方案的合理性和两类股东的利益,但仍存在诸如机构投资者未发挥议价能力等问题。
|
| 关 键 词： | 股权分置改革对价 控制权私利 价格压力假说 投资者保护 |
A Theoretical and Empirical Study on What Affect Consideration Ratio For Split Share Structure Reform of Listed Companies in China |
| |
| Wu Chaopeng,Zheng Fangbiao,Lin Zhouyong,Li Wenqiang and Wu Shinong.A Theoretical and Empirical Study on What Affect Consideration Ratio For Split Share Structure Reform of Listed Companies in China[J].Economic Research Journal,2006(8). |
| |
| Authors: | Wu Chaopeng Zheng Fangbiao Lin Zhouyong Li Wenqiang and Wu Shinong |
| |
| Institution: | Wang Yanan Institute for Studies in Economics;Management School of Xiamen University |
| |
| Abstract: | Whether the split share structure reform of listed companies can succeed is very important for future development of security market in China. This paper develops theoretical hypotheses based on financial literature and China's reality to test what affect consideration ratio between non-tradable shareholders and tradable shareholders by sample 330 listed companies, which have conducted the reform. These results suggest that the game mechanism adopted in the reform generally could ensure the rationality of reform projects and protect both shareholders, but the institutional investors have not put up their bargaining ability in the reform. |
| |
| Keywords: | Consideration Ratio Private Benefits of Control Price-Pressure Hypothesis Investor Protection |
| 本文献已被 CNKI 等数据库收录！ |
