股权分置改革中的对价：一个联立方程模型

为解释股权分置改革中对价的决定因素,本文构建了联立方程模型。认为股权分置改革完成后公司的价值会因对价的支付而发生变化。另一方面,流通股股东和非流通股股东会通过预期股改后的公司价值来决定对价。因此,对价和公司价值是相互联系的内生变量。其他外生变量或直接作用于对价,或通过影响公司的价值来影响对价。与现有相关文献中的单方程模型不同,本文模型将影响公司价值的因素合理地引入模型,因而更为系统地解释了对价的决定因素。

The Value of Firms and the Consideration in the Illiquid Share Reform

To find factors that will affect the Consideration in the Illiquid-Share-Reform,we made a simultaneous equation model.We argue that the value of firms will be changed by the Consideration when the reform finished.On the other hand,the two kinds of share holders will anticipate the value of firms to determine the Consideration.Then the Value of firms and Consideration will be related endogenous variables,while other exogenous variables will affect the Consideration directly or indirectly.In contrast to the single equation models in other theses,we reasonably introduce the factors that will affect the firms'value in the model,and thus more systematically find the determinant factors of Consideration.