【作者】 韩颖；

【导师】 王向阳；

【作者基本信息】 华中科技大学 ， 工商管理， 2007， 硕士

【摘要】 由于历史的原因,我国股票市场在成立初期就产生了非流通股和流通股的划分问题,流通股股东由于不具有对上市公司的绝对控制权而使得自身权益难以保障。从2005年5月9日开始,中国开始对上市公司进行股权分置改革以解决长久以来困扰中国股市健康发展的棘手问题。本文首先运用相关理论,结合我国特殊的历史制度背景分析我国股权分置问题形成的原因,接着分析股权分置下特有的同股不同权不同价不同利的特征,并基于此特征从股权分置对流通股股东利益的损害、对上市公司的发展影响以及对整个资本市场的影响三个方面具体分析股权分置的弊端,明确股权分置改革的意义。然后对股改问题的核心对价进行介绍,主要分析了送股、派现、缩股与权证四种对价方式,并介绍对价水平的衡量手段。最后使用数据分析的方法,利用实证数据对股改的市场效应、股改对公司治理的效应以及股改中流通股股东权益保障问题做出分析。虽然由于模型和有关数据的限制,实证结果的精确性有待进一步研究,不过我们仍然可以得出以下结论:股改对市场的影响是积极的,股改后市场上普遍股价上涨,流通股股东财富短期内并未减少;但是股改中的对价方案高低对股票价格的影响从长期来看不明显;股改完成后对上市公司的质地的改善目前也无法从数据中得到有力证明。更多还原

【Abstract】 Due to some historical reasons, a separation of tradable and non-tradable share came into existence at the initial stage of the stock market after its setting up. As a result of this separation, the rights and interests of the tradable shareholders can not be guaranteed without absolute control over listed companies. Since May, 9th, 2005, China began its reform of the shareholder structure of listed companies so as to settle the intricate problem which cumbered the healthy development of the China stock market in the long run.This paper first used relevant theories and data, combing with China’s specific historical and structural background, to explain the cause of non-tradable shares, the character of the split of shares and the abuse of non-tradable shares,then to analyze the consideration—the core of this shareholder structure reform, lastly to analyze the effects of this shareholder structure reform to the stock market, corporate governance and the value of the tradable shareholders.Although models and the relevant data limitations, pending further study confirms the accuracy of the results, but the result of the research still shows that there is a positive relation between the stock price and this shareholder structure reform.In this reform, the interests of the tradable shareholders are safeguarded in shortrun.But the relation between the stock price and the level of consideration is not obvious in longrun. The improving degree to corporate governance structure of our listed companies can’t be judged by present datas.更多还原