【作者】 刘栎；

【导师】 潘敏；

【作者基本信息】 武汉大学 ， 金融学， 2005， 硕士

【摘要】 当前中国资本市场的重要特征之一是股权分置。股权分置作为历史遗留问题,影响证券市场预期的稳定,使公司治理缺乏共同的利益基础,也不利于国有资产管理体制改革的深化,已经成为完善资本市场基础制度的一个重大障碍,因此,解决股权分置问题迫在眉睫。虽然解决股权分置的方案千差万别,但是主要包括股本扩张和总股本不变而股份结构调整两大类。由于股本扩张不能消除目前已有的非流通股,不能从根本上解决股权分置问题,所以进行非流通股转让才是最有效的方案。然而,近年来的改革历程表明,直接进行非流通股转让阻力重重。 认股权证是在近年来兴起的金融衍生工具之一,是指由上市公司发行的、能够按照特定的价格在特定的时间内购买一定数量该公司普通股票的选择权凭证。本文的研究表明,在非流通股转让过程中引入认股权证,可以保证非流通股转让顺利完成,降低非流通股的转让成本,提高金融市场配置资源的效率。 本文首先阐述了我国证券市场中存在的股权分置现象,以及解决非流通股问题的方案,介绍了认股权证的基本情况和用途,综述了国内外关于认股权证定价和运用的理论;通过建立模型从理论上分析了股权分置条件下,直接进行非流通股转让所面临的困难及其根源。分析的结果表明,直接进行转让存在众多问题,如转让价格和转让比率难以界定、转让过程中流通股股东的财富向非流通股股东转移、转让会引起上市公司股票的大幅下跌、转让可能存在上市公司的逆选择等,上述问题的存在阻碍了转让过程的顺利进行,使得直接转让非流通股难以成为解决股权分置的理想途径,因此,急需通过金融创新来有效解决非流通股转让问题。 针对上述问题,本文建议在非流通股转让过程中引入认股权证,即将优先向原有的流通股股东转让的股份改为向原有的流通股股东配送认股权证。本文的研究证明,引入认股权证可以对非流通股转让过程进行作如下改善:(1)将转让的非流通股的价格限制在更狭窄的范围内,并且实行对多次转让过程进行一次定价;(2)对转让中处于弱势地位的原有流通股股东提供有效的补偿;(3)降低进行转让公司股票下跌幅度;(4)甄别进行非流通股转让公司的质量。 本文的贡献和创新主要体现在以下四个方面:(1)用模型推导出了转让的股更多还原

【Abstract】 Stock right separation is one of the most important distinguishing features in the present capital market of China. Stock right separation, as a problem left over by history, perturbs the expected stability of the capital market, lessens the common interests of Corporate Governance, and is adverse to deepen the reform of the Management of State-owned Assets. Therefore, it now becomes a substantial obstacle on the way of the systematic completion of the capital market. A solution of this problem is urgently needed. Although numerous solutions have been proposed, most of them fall into two major categories: the expansion of aggregate stocks and the structural adjustment. Since the expansion of aggregate stocks cannot dissolve the existing non-liquidity shares and hence cannot solve the problem of Stock right separation, non-liquidity shares’ transfer is regarded as the most effective proposals. However, what happened in recent years shows that it is very difficult to carry out direct transfer of non-liquidity shares.Warrants, as one of the new popular derivative instruments, refer to securities giving the holder a right to subscribe to a share or a bond at a given price and from a certain date. The research in this thesis shows that, introducing warrants while transfer non-liquidity shares can insure the complete of the transfer, reduce the transfer price, and improve the efficiency of the capital market.This thesis describes the circulations of Stock Right Separation and the projects to solve the problem at first. Then we introduce the basic characters and usages of warrants, including all kinds of theories about it both abroad and domestic; build models to analysis the difficulties will be faced if transfer direct. The results indicate that transfer direct is hard to be executed because of many obstacles, such as the impossibility to determine the transfer price and rate, the wealth transference from the liquidity shares’ holders to non-liquidity shares’ holders, the smashing of stock price during the transfer, and the adverse selection of the companies. Those clogs make thetransfer directly useless, so it is an emergency to use derivatives in solving this problem.Based on the balks in former, warrants are encouraged to publish during the processes of transfer. The study in this thesis proves that introducing warrants can ameliorate the whole process and take a lot advantages.更多还原