【作者】 刁鹏；

【导师】 杨克磊；

【作者基本信息】 天津大学 ， 技术经济及管理， 2006， 硕士

【摘要】 如何利用上市公司公开披露的财务信息对其进行财务评价,并据此评估其价值,是一个有待深入研究的课题。目前,我国股票市场已有一千多家上市公司,但其中却存在约占总股本三分之二不能流通的国家股和法人股。这类上市的公司,其非流通股股权相对集中,但却不能上市流通,也不能公开征集受让。这种由于计划经济转型的改革过程所留下的人为市场分割严重影响股票市场的运作和功能,极大地降低资本市场资源配置效率,使上市公司控股股东激励约束机制不对等,无法确立上市公司治理的合理机制。与此密切相关的是,占非流通股大部分的国有股流通或减持的问题。由于国有股的历史成本和现有的场外协议转让价远低于流通股的价格,且数量庞大,其流通势必对现有的二级市场造成极大的冲击,并改变上市公司的股权结构。因此,国有股减持成为中国股市的重磅定时炸弹,也是国内证券市场建立10多年来最具争议的问题。本文在借鉴金融经济学基本原理,特别是现代公司财务理论,并充分考虑目前我国上市公司流通股与非流通股并存的基础上,试图从流动性方面,深入探讨目前体制下上市公司价值评价体系。首先,通过对流通权价值的定量分析,明确流通股和非流通股各自的价值度量;然后,根据上市公司年度报告数据,利用财务评价指标体系进行实证性分析,建立我国上市公司价值评价体系;最后,引入国有股减持问题,希望能为非流通定价给出一个经济学的分析框架,并为能进一步提出相关的制度改革建议提供理论支持。更多还原

【Abstract】 It is a significative study to evaluate the corporation value from the published financial report. Currently, there are more than 1,000 listed companies (LCs) in the stock market. The State and Restricted Institutional Shares (RIS) occupy about two third of total share outstanding issued by listed companies. The ownership structure of Chinese listed companies is highly concentrated and the owners of State and RIS shares are usually hold most parts and control the companies. Those stocks cannot be exchanged in stock markets or in any public way. The different prices for different categories of shares but with same ownership rights distort the pricing mechanism in equity market, damage the market efficiency in resources allocation, and destroy the incentive and constrain mechanism of control shareholder.The relevant problem is how to reduce state-owned shares. The state-owned shares lessening problem, which will change greatly the listed companies ownership structure, has serious impact on Chinese secondary stock market. The state-owned shares lessening related problems aroused the most intensive debates in more than 10 years history of Chinese stock market.Based on the fundamental theories in financial economics, especially in corporate finance, this thesis analyzes the price model for listed companies’value in the perspective of marketability.Firstly, we tried to set up a framework for scaling the value of State Shares and Restricted Institutional Shares. Secondly, we built up a price model for listed companies’value using the published financial report and the positive tests have been done using stock market data of last years. Finally, the State-Owned Share Lessening issue was introduced and we did lots of research to set up a framework for price model of the State-Owned Share Lessening. Policy suggestions have also been given for the institutional reforms.更多还原