摘要
本文以2005年初步完成股权分置改革的227家公司为样本,实证研究股权分置改革中政府的宏观政策设计和企业的微观策略问题,即股改公司的选择问题和对价的影响因素。在宏观层面上,我们发现,初步完成股改和尚未股改的上市公司在股权结构和盈利性方面存在着较为明显的差异;即使是已经完成股改的上市公司,在这两个指标上也存在着批次间的差异;我们还发现先期完成股改的上市公司在地域、行业上的分布也不均衡。我们认为,上述差异是监管部门的行为模式决定的。在微观层面上,我们选取五组变量进行分析并考察它们对得股率的影响。回归结果表明,上市公司的非流通股比例和首次发行(IPO)市盈率对得股率有显著的正面影响,而上市公司当前的盈利水平和流通股股权集中程度则对得股率有显著的负面影响。这些结果说明企业在制订股改方案时采取了一定的策略,全面考虑了公司的财务状况、股市表现且平衡了各方利益。
Based on the sample of listed firms, which have completed the share merger reform by the end of 2005, the paper empirically studies the macro policy design and micro firm strategy in the reform. From the macro perspective, it is found that reformed firms and non - reform firms have significant differences in the ownership structure and profitability, even in the reformed firms. In addition, reformed firms are not evenly distributed in the region and industry. The conclusion is that these differences are determined by the policy design of regulatory departments. In＇ the micro perspective, we investigate five classes of variables and their effects on the give - out ratio. The regression results suggest that the non - tradable ratio and price - to - earning ratio in IPO have significantly positive effects on the give -out ratio, but the firm profitability and ownership concentration of tradable shares have significantly negative effects on the give - out ratio. These findings indicate that listed firms employ some strategies in preparing the scheme of sham merger reform by balancing the financial condition, market performance and the interest of stakeholders.
出处
《金融研究》
CSSCI
北大核心
2006年第8期1-19,共19页
Journal of Financial Research
关键词
股权分置改革
对价
得股率
share merger reform, consideration, give - out ratio.
