【作者】 张小明；

【导师】 高劲；

【作者基本信息】 广西师范大学 ， 企业管理， 2008， 硕士

【摘要】 股权分置是当前制约我国证券市场稳定和健康发展的最大障碍,解决这个障碍有赖于各个利益相关者的积极参与,也需要国家从战略的高度对股权分置改革给与指导。为了落实国务院《关于推进资本市场改革开放和稳定发展的若干意见》(国发「2004] 3号,以下简称《若干意见》),积极稳妥解决股权分置问题,2005年4月29日,中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》,启动上市公司股权分置改革试点工作。改革试点遵循《若干意见》提出的“在解决这一问题时要尊重市场规律,要有利于市场的稳定和发展,切实保护投资者特别是公众投资者的合法权益”的总体要求,按照市场稳定发展、规则公平统一、方案协商选择、流通股东表决、实施分步有序的操作原则进行。在解决股权分置问题时,利益相关者竟相参加到这场利益之争中来,非流通股为了实现自身流通,享受流通性溢价,必须支付对价给流通股股东,这也是多方博弈的结果,所以对价成为股权分置改革的核心。非流通股股东向流通股东支付“对价”采取了很多形式,包括送股、送现金、缩股、权证等,这次改革实践中,上市公司大都选择了送股或加送现金的方案,得到了多数流通股东的肯定。对股权分置改革时期证券市场的研究,既具理论价值,又有现实意义。股权分置改革及全流通将修复国内A股市场的制度性缺陷,并将为证券市场的制度和产品创新提供必要条件,证券市场格局将发生重大变化。本文首先对股权分置的由来和危害、股权分置改革及实施股权分置改革的必要性进行了阐述,对股权分置改革的发展历程进行了简要介绍。随后列出对价的各种计算方法,在此基础上建立实证模型,选取采用不同支付方式的上市公司为样本,以改革后上市公司的股价振荡幅度及方差为观察数据,采用单因素方差的方法分析得出各支付方式的对上市公司股价的短期及中期的影响,进而得出对于上市公司哪种支付方式冲击成本较小。接着总结股改至今尚未解决的几个问题以及股改对上市公司和投资者的启示。最后是论文的结论和建议。更多还原

【Abstract】 The Non-tradable shares structure is the biggest barrier to restrict the stock market to be stable and healthy development. Solving this barrier depends on each benefit correlations’ participation, also needs the government to set strategy guidelines in the reforming. With a view to carrying out the Guidelines on Promoting Reform,Opening-up and Steady Development of China’s Capital Market (No.3[2004] the State Council), (the "Guidelines") and addressing the problem of listed companies split share structure, the China Securities Regulatory Commission (CSRC) issued the Circular on Issues relating to the Pilot Reform of Listed Companies Split Share Structure on April 29th,2005. The pilot reform of listed companies split share structure (the "Pilot Reform") was formally initiated. The Pilot Reform shall be carried out in accordance with the basic principle set out in the Guidelines-"Approaches towards this problem (listed companies split share structure) shall conform to the way the securities market works, promote the smooth functioning and development of the securities market, and provide effective protection for investors, especially, the public investors". Practice policies for the Pilot Reform include Sustained Development of Securities Market, Fairness and Uniformity of Rules, Adequate Negotiation in Developing the Reform Plan, Approval for the Reform Plan by Floating Shareholders, and Gradual Implementations. The benefit correlations compete with each other in the reforming and struggle in their own benefit. The non-circulation stock in order to realize the free circulation and enjoy the liquidity premium has to pay consideration to the circulation stock shareholders and also it is the result of gambling. Non-tradable shares holders obtain the right to trade. The last part makes a detailed conclusion and gives some exercisable suggestions. through payment of consideration in various ways in share-trading reform,such as in a method of payment of cash, in a method of scrip issue or reduction of shares, in a method of issuing call warrants or put warrants, in a method of presenting the shares formed from the shares or dividends increased or distributed with a listed company’s capital reserve to holders of tradable shares, in a method of contributing high-quality assets to a listed company, exempting the listed company’s debts, or assuming debts on behalf of the listed company, in a method of promise. It is a beneficial trial of the share-trading reform for non-tradable shareholders and tradable shareholders to balance the interests of the shareholders by way of consideration.Researching the stock market of the reform of the detachment of stock equity, have not only theory value, but also the practical significance. The reform of the detachment of stock equity and entire circulation will repair the institutional flaw of the domestic A-market, and will provide the essential condition for stock market’s system and the product innovation. The stock market pattern will have a great change.This paper first expatiate the detachment of stock equity, the reform, the origins, the harm and the development of the reform of the detachment of stock equity. Followed that is the list of the various calculation methods, and then empirical models were established which selected different listed companies with different way to pay. With the data of oscillation rate and variance of the stock price,We use one-way ANOVA to analysis the short-term and medium-term impact on stock price of listed companies, and then come for the result of which cost is smaller to different listed companies. The final of the paper is to summarize the problems of the reform of the detachment of stock equity, suggestions to investors and listed companies. The last part makes a detailed conclusion and gives some exercisable suggestions.更多还原