【摘要】 根据配股过程中的股东利益的变化,对全流通和股权分置条件下的配股定价分别建立数理模型进行分析,建立了不同条件下的配股定价模型,求得对应的合理定价区间,并据此对2003-2005年配股的44家公司进行了实证研究,验证了我国配股定价普遍高估的结论,并发现市场对定价高估具有一定的识别能力。更多还原

【Abstract】 According to variation of the interests of share-holders in the course of reoffering,an analysis is made for the reoffering pricing respectively by constructing mathematic models for all circulating shares and split share conditions;different reoffering pricing models under different circumstances are built;and corresponding reasonable pricing sections are obtained.Then an empirical research is made on forty-four companies which have made reoffering in 2003 to 2005,certifying the conclusion that China’s reoffering pricing is generally over-estimated,and finding that the market owns some ability to identify it.更多还原