股权分置改革与股票市场价值相关性研究

本文使用剩余收益估值模型估计我国上市公司股票的内在价值,以股票内在价值为基础检验上市公司股权分置改革对股票价格和价值之间相关性的影响。选择已完成股权分置改革的上市公司为样本,研究表明股权分置改革完成后股票价格和价值之间相关性有显著的提高,业绩较差公司股价相对价值偏离程度得到一定程度的修正。股权分置改革在改善股票市场定价机制方面实现了管理层预期的效果。

Research on Share Segregation Reform and Correlation between Share Price and Intrinsic Value

This paper first utilizes residual income valuation model to estimate the intrinsic value of equity shares of listed companies.Based on estimated intrinsic value,this paper further examines the effects of “Share Segregation Reform” on the correlation between share price and intrinsic value.Using companies,which have completed all reform procedures,as research samples,our test indicates that the correlation between share price and intrinsic value has enhanced significantly after the reform.The extent to which the badly performed companies' share prices deviate their value is partly corrected.“Share Segregation Reform” achieved the government's expectation in the respect of bettering the market pricing mechanism.