股权分置改革研究.docx

股权分置改革研究 .docx华中科技大学
硕士学位论文
股权分置改革研究
姓名:韩颖
申请学位级别:硕士
专业:工商管理
指导教师:王向阳
20070429
摘

要
由于历史的原因,我国股票市场在成立初期就产生了非流通股和流通股的划分
问题,流通股股东由于不具有对上市公司的绝对控制权而使得自身权益难以保障。
从 2005 年 5 月 9 日开始,中国开始对上市公司进行股权分置改革以解决长久以来困
扰中国股市健康发展的棘手问题。
本文首先运用相关理论,结合我国特殊的历史制度背景分析我国股权分置问题
形成的原因,接着分析股权分置下特有的同股不同权不同价不同利的特征,并基于
此特征从股权分置对流通股股东利益的损害、对上市公司的发展影响以及对整个资
本市场的影响三个方面具体分析股权分置的弊端,明确股权分置改革的意义。然后
对股改问题的核心对价进行介绍,主要分析了送股、派现、缩股与权证四种对价方
式,并介绍对价水平的衡量手段。最后使用数据分析的方法,利用实证数据对股改
的市场效应、股改对公司治理的效应以及股改中流通股股东权益保障问题做出分析。
虽然由于模型和有关数据的限制,实证结果的精确性有待进一步研究,不过我
们仍然可以得出以下结论:股改对市场的影响是积极的,股改后市场上普遍股价上
涨,流通股股东财富短期内并未减少;但是股改中的对价方案高低对股票价格的影
响从长期来看不明显;股改完成后对上市公司的质地的改善目前也无法从数据中得
到有力证明。
关键词:股权分置

股权分置改革

对价

公司治理
I
Abstract
Due to some historical reasons, a separation of tradable and non-tradable share came
into existence at the initial stage of the stock market after its setting up. As a result of this
separation, the rights and interests of the tradable shareholders can not be guaranteed
without absolute control over panies. Since May, 9th, 2005, China began its
reform of the shareholder structure of panies so as to

settle the intricate
problem which cumbered the healthy development of the China stock market in the long
run.
This paper first used relevant theories and data, combing with China's specific
historical and structural background, to explain the cause of non-tradable shares, the
character of the split of shares and the abuse of non-tradable shares,then to analyze the
consideration — the core of this shareholder structure reform, lastly to analyze the effects
of this shareholder structure reform to the stock market, corporate governance and the
value of the tradable shareholders.
Although models and the relevant data limitations, pending further study confirms
the accuracy of the results, but the result of the research still shows that there is a positive
relation between the stock price and this shareholder structure this reform, the
interests of the tradable shareh