基于预期的股改对价支付比例定价模型与应用

对价支付比例的确定是股权分置改革得以顺利实施的关键。目前，在已股改的公司中，对价支付粤例紫确妻存．在很大的随意性，缺乏统一有效的定价依据。笔者试图就上市公司的股本结构、流通股价格、非流通股东的锁定期限、承诺的减持价格等因素，利用Black—Scholes期权定价公式及利益均衡原理。建立一个合适的对价支付比例模型，为股权分置改革提供科学理论依据。

Model and Application of Determining Ratio of Corresponding Value on Expectance

The determining of ratio of corresponding value is the key to the successful implementation of division of shares reform. At present, in the companies where the reform has been carried out, the determining of ratio of corresponding value lacks uniform and effective pricesetting evidence. The paper attempts to establish an appropriate ratio model of corresponding value and provide scientific theoretic support for the reform in division of shares.