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本文构造了一个信号传递模型来分析股权分置改革中对价方式的选择问题,指出对价方式的选择不仅发挥着补偿流通股股东的作用,而且是企业内部人向外部投资者传递企业价值的私人信息的渠道。基于我国股权分置改革数据的实证分析,在一定程度上支持了本文的理论模型。本文对股权分置改革有启发意义的几个结论是:其一,没有放之四海而皆准的对价方案,必须根据企业的具体情况因地制宜地制定对价方案,股改的市场分散化决策思路对股改是否取得成功具有重要意义;其二,企业原有股东的流动性需求L对股票价格走势有显著影响,要想使得股改前后股票市场价格不产生大的波动,一方面要引导企业确定合理减持方案以避免未流通股票扎堆性地上市流通,另一方面要建立起投资者对股市良性发展的信心以增强股市吸纳能力。
This paper constructs a signal transfer model to analyze the choice of pricing method in the non-tradable shares reform. It points out that the choice of the price method not only plays the role of compensating the shareholders of tradable shares, but also is the private information that the insiders transfer the enterprise value to the outside investors Channel. Based on the empirical analysis of China’s share-trading reform data, it supports the theoretical model of this paper to a certain extent. This article has several implications for the non-tradable share reform. Some conclusions are: First, there is no universally applicable price plan, which must be based on the specific conditions of the enterprise to formulate the price plan and decentralized market diversification decision-making. Whether it is successful or not is of great significance. Second, the liquidity demand L of the existing shareholders of the enterprise has a significant impact on the stock price trend. If the stock market price does not have big fluctuations before and after the share reform, on the one hand, the enterprise should be guided to determine a reasonable reduction Program to avoid the unwinding of the stock market get together, on the other hand to establish investor confidence in the healthy development of the stock market to enhance the capacity of the stock market.