摘要
股权分置改革是流通股东与非流通股东利益重新分配的过程。本文具体讨论股权分置改革的财富创造效应,以及财富在不同主体间的再分配效应。46家试点上市公司的实证结果表明：从总体上看,股权分置改革过程能够创：造财富,非流通股东的收益明显高于流通股东的收益,且流通股的超常收益与第一大股东的持股比例负相关,说明在股权分置改革过程中非流通股东,尤其是绝对优势的大股东处于有利地位。
Shareholder structure reform is a wealth redistribution process between circulating-share holders and non-circu- lating-share holders.In this paper,we discussed concretely the wealth creating effect and the wealth redistri- bution effect among different investment entities.The result of the empirical study on 46 experimental listed companies showed that as a whole shareholder structure reform could generate wealth.But the extra earning of non-circulating shareholders is much higher than that of circulating shareholders,and the extra earning of cir- culating shareholders is in negative correlation to the share proportion of the first large shareholder.That im- plied that non-circulating shareholders,especially the large stockholders who have absolute advantage propor- tion got advantage position in the process of shareholder structure reform.
出处
《财贸经济》
CSSCI
北大核心
2006年第11期21-26,共6页
Finance & Trade Economics
基金
2006年国家社会科学基金项目(06CJL006)
2005年国家自然科学基金项目(70573040)
2005年教育部重大项目(05JJD790008)
985国家经济分析与预测哲学社会科学创新基地项目资助。
关键词
股权分置改革
财富再分配
超常收益
Shareholder Structure Reform
Wealth Distribution Effect
Extra Earning
