【作者】 潘勇；

【导师】 陈共荣；

【作者基本信息】 湖南大学 ， 会计学， 2008， 硕士

【摘要】 股权分置问题是中国特殊国情和转型经济的特定条件引起的,也是中国资本市场与世界接轨的最大的绊脚石。为了解决这一制约我国股票市场发展的根本性制度问题,管理层开始实施旨在解决股权二元结构的股权分置改革。2005年4月29日,中国证券监督管理委员会发布《关于上市公司股权分置改革试点有关问题的通知》,开始启动股权分置改革试点;5月9日三一重工等四家上市公司率先成为首批试点后,拉开了股权分置改革的序幕;随着我国上市公司股权分置改革试点阶段、重点推进阶段和全面推进阶段的相继进入,截至2007年4月20日,沪深两市已完成或者进入改革程序的上市公司共1290家,占应股改上市公司的96%,对应市值占比98%,超过三分之一的省(自治区、直辖市)辖区内公司已经全部股改。随着股权分置改革信息的披露势必会引起公司股票价格波动,在这一变革过程中,股改给中国证券市场造成的冲击和影响如何,流通股股东的利益在股改过程中是否得到保证,是否在股改中获得增值?市场上对股改公司进行股改有何反应,反映程度如何?影响投资者的反应程度的原因有哪些?股权分置改革中是否存在内幕交易?各股改公司采用的对价方案差异何在?产生的效果又有何不同?在股权分置改革完成以后,研究这些问题对于后股权分置改革时代证券市场的价值重估、市场监管、中小股东利益保护、投融资决策都具有重大意义。本文运用事件研究法对上市公司股权分置改革的市场反应进行分析,根据对价支付类型、对价支付比例、对价方案是否进行过调整等对全部方案进行分类,通过比较不同类别上市公司超常收益率的分布情况,研究对价方案的效果及其产生原因。本文的创新之处在于具体深入研究了股改对价方案的特点,从方案类型方面探讨股改公告等重大事项如何引起股票异常波动,同时考察了试点公司与全面股改公司的内幕交易问题。更多还原

【Abstract】 Non-tradable Share Reform is caused by the special conditions of China and the specific conditions of economies in transition. It is the biggest stumbling stone for China’s capital market to be in line with the international conventions. To deal with the radical system which restricts the development of China’s stock market, the managers begin to bring Non-tradable Share Reform into force, so as to resolve dual stock structure.As the disclosure of Non-tradable Share Reform, it is bound to cause the stock fluctuation. During the reform process, what is the impact and influence to the China’s stock market? Does the interest of tradable shareholders being guaranteed? Does it increase in value? What is the response of the stock market? And what are the extent and the reason? Is there any inside trade? What is the difference of consideration programs and its effect among every company in Non-tradable Share Reform? To study these issues after finish the Non-tradable Share Reform, is of great significance for the bond market revaluation, market supervision, protecting the interests of small and medium-sized shareholders, and investment and financing decisions.This paper analyzes the market reaction of listed companies in Non-tradable Share Reform by event study, and sorts out all programs according to consideration types, consideration rates, and consideration program being adjusted or not. Moreover, the paper makes a study of consideration’s effect and its reason. The innovation of the paper is to study the feature of consideration program intensively, and to talk over how the claim of Non-tradable Share Reform makes abnormal stock fluctuation based on consideration types. What’s more, the paper makes a survey of the inside trading between pilot company and the company in Non-tradable Share Reform.更多还原