【摘要】 借助事件研究的方法就市场对股改被否的反应进行了实证分析.研究结果显示,市场对股改被否事件的反应是负面的,类别表决机制赋予流通股东的是受约束的否决权,其并不能为股改公平、公正保驾护航.为了确保中小股东利益在股改中不受损失,有必要引入认沽期权以约束非流通股东对对价计算方法中变量的任意主观估计行为.更多还原

【Abstract】 This article analyzes the market response to the event of the splitting reform not being passed by method of the event study,and the result reveals the market response is negative.The findings demonstrate that the category vote mechanism entrusts the circulation stock shareholders with restricted veto,which cannot guarantee the fair result of the reform.In order to protect the benefit of the circulating stock shareholder,it is necessary to introduce the put option to restrain the non-circulation stock shareholders’ behavior of estimating the value of the variable in the course of computing the considersion.更多还原