限售股权定价的实证检验

我国上市公司的非流通股权实质为限售股权,股权分置改革改变了限售期的不确定性.通过对2004～2006年5月间326笔我国上市公司限售股权转让信息的研究发现:限售股股东向流通股股东支付对价是有理论和实证依据的,股权分置改革有利于国有资产保值增值.公司净资产、控制权收益以及公司流通股比例与限售股定价正相关.流动性约束与限售股定价负相关.受让方为非国有性质时,限售股转让相对价较低.股权转让方式、公司盈利能力等财务指标对限售股定价有一定影响.

An Empirical Study on the Pricing of Restricted Stock in China

The non-circulating shares in China equal to restricted stocks. The Share Splitting Reform has changed liquidity constraints of restricted stock in China. Research on the transferring information of 326 restricted stocks during 2004 to May 2006 discloses that there are theoretical and practical supports to the behaviors that non-circulating stockholders pay to circulating stockholders. The Share Splitting Reform helps maintain and increase the value of state-owned assets. There is positive correlation between net assets, control income, circulating shares and the pricing of restricted stock. And negative correlation is found between liquidity restrain and the pricing of restricted stock. To nonstate-owned receptors, transferring price is relative low. To some extent, the financial indexes of share transferring methods and company profitability have influences to pricing the restricted stock.