【作者】 吴卫星； 周清； 耿浩然；

【Author】 WU Wei-xing~1 ZHOU Qing~2 GENG Hao-ran~3 (1.School of Finance and Banking ,UIBE Beijing 100029 ,china;2.School of science Beijing Vniversity of posts and Telecomrnuuicatious,Beijing 100876,china;3.The People’s Bank of China Jinan Branch,Jinan 240021,china)

【机构】 对外经济贸易大学金融学院； 北京邮电大学理学院； 中国人民银行济南分行；

【摘要】 股东构成与资产价格之间的关系是一个复杂的问题。本文通过对流动性和信息非对称的分析,建立了一个内生的股东地位选择模型。并在些基础上,求解了所有股东全为小股东和有一个股东为大股东两种特定的股东构成情形下的资产的理性期望均衡,并分析了这两种情形下的股东福利问题。从而在福利分析的基础上,进一步得到了一个股东愿意成为大股东的条件,说明公司股东的内部构成确实受到流动性和信息非对称等因素的影响。更多还原

【Abstract】 The relationship between the shareholder composition and asset pricing is very complicated.This papermodels liquidity,asymmetric ynformation and in vestment decision in a simple setting and derives an endogenousmodel about status choice of shareholders,After that,two kinds of rational expectation equilibrium are dervied,oneis about all shareholders are small and the other one is about a large shareholder and some sanll shardholders.Based on these equilibriums,this paper comsiders the welfare of the shareholders.At last,the condition about ashareholder to be a large shareholder voluntarily is derived.This condition indicates that the ownership compositionis related to the liquidity and the asymmetric information.更多还原