股权分置改革过程中非流通股股东对流通股股东的利益侵占行为研究
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- 英文论文题名：Study on Behaviors of Non-tradable Shareholders Expropriating Tradable Shareholders' Interest in the Process of Split-share Structure Reform of Chinese Stock Market
- 论文作者：陈其安 ; 沈猛 ; 张红真
- 英文论文作者：CHEN Qi-an ; SHEN Meng ; ZHANG Hong-zhen ; School of Economics and Business Administration ; Chongqing University
- 年：2016
- 作者机构：重庆大学经济与工商管理学院;
- 论文关键词：股权分置改革 ; 流通股股东 ; 非流通股股东 ; 利益侵占行为
- 英文论文关键词：Split-share structure reform ; tradable shares ; non-tradable shares ; benefit expropriation behavior
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F224;F832.51
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：9
- 文件大小：850k
- 原文格式：O
- 会议级别：全国
摘要
本文建立数学模型从理论上研究中国股票市场股权分置改革过程中非流通股股东对流通股股东的利益侵占行为机理,并以此为基础对中国股票市场在股权分置改革过程中存在的"金融异常现象"进行合理解释。研究结果表明,在股权分置改革过程中,原非流通股股东的资本利得收益将增加,原流通股股东的资本利得收益将减少,原非流通股股东增加的资本利得收益正好等于原流通股股东减少的资本利得收益;原非流通股股东对流通股股东的利益侵占量与原非流通股股东的持股数量和原流通股股东的持股成本正相关,与股权分置改革对价支付率负相关。本文研究结果能对中国股票市场股权分置过程中存在的"金融异常现象"作出合理解释。
An appropriate mathematical model is constructed to research the behavior mechanism of original non-tradable shareholders expropriating tradable shareholders' interest in the process of split-share structure reform of Chinese Stock Market theoretically.The financial anomalies of the Chinese stock market in the process of split-share structure reform are reasonably explained based on the theoretical model.The main research results are as follows.During the reduction of original non-tradable shares,the capital gains of original non-tradable shareholders will be increased and that of tradable shareholders will be reduced.The increased capital gains of original non-tradable shareholders are just equal to the reduced capital gains of tradable shareholders.The amount of original non-tradable shareholders expropriating tradable shareholders' interest is positively related to the shares held by original non-tradable shareholders and the holding cost of tradable shares,and negatively related to the consideration payment rate of equity division reform.The above-mentioned research results can reasonably explain the financial anomalies during the reduction process of original non-tradable shares in China's stock market to a certain extent.
An appropriate mathematical model is constructed to research the behavior mechanism of original non-tradable shareholders expropriating tradable shareholders' interest in the process of split-share structure reform of Chinese Stock Market theoretically.The financial anomalies of the Chinese stock market in the process of split-share structure reform are reasonably explained based on the theoretical model.The main research results are as follows.During the reduction of original non-tradable shares,the capital gains of original non-tradable shareholders will be increased and that of tradable shareholders will be reduced.The increased capital gains of original non-tradable shareholders are just equal to the reduced capital gains of tradable shareholders.The amount of original non-tradable shareholders expropriating tradable shareholders' interest is positively related to the shares held by original non-tradable shareholders and the holding cost of tradable shares,and negatively related to the consideration payment rate of equity division reform.The above-mentioned research results can reasonably explain the financial anomalies during the reduction process of original non-tradable shares in China's stock market to a certain extent.
引文
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[2]周佛郎.我的提款机—中国股市[M].北京:地震出版社,2008.
[3]吴德胜,吕斐适,于善辉.流通股股东在股权分置改革中是否获得了财富增值[J].南开经济研究,2008,2(2):126-143.
[4]何诚颖,卢宗辉.沪深股市限售股制度安排及流通效应分析[J].管理世界,2009,(4):180-181.
[5]储小俊,刘思峰.股份解禁的微观市场结构效应研究[J].南开经济研究,2012,2(2):85-99.
[6]陈睿.大小非解禁的市场反应[J].财经科学,2011,27(6):19-25.
[7]朱楠楠.大小非解禁与股价波动性研究—基于我国A股市场实证[D].成都:西南财经大学,2011.
[8]贾明,张喆,万迪昉.股改方案、代理成本与大股东解禁股出售[J].管理世界,2009,(9):148-165.
[9]徐慧玲.全流通环境下投资者利益保护研究—控股股东中小股东和经理人三方博弈分析[J].财经研究,2011,37(11):71-79.
[10]孙燕东,潘月云.论股份全流通后我国公众投资者的权益保护[J].经济纵横,2011,(2):95-98.
[11]吴冬梅,庄新田,张元.限售股解禁背景下控制权私人收益[J].系统管理学报,2012,21(4):470477.
[12]Scholes M S.The market for Securities:substitution versus price pressure and the effects of information on share price[J].Journal of Business,1972,45(2):179-211.
[13]Miller M H,Rock K.Dividend policy under asymmetric information[J].Journal of Finance,1985,40(4):1031-1051.
[14]Loughran T,Ritter J R.The new issues puzzle[J].Journal of Finance,1995,50(1):23-51.
[15]Cai J.Loughran T.The performance of Japanese seasoned equity offerings,1971-1992[J].Pacific-Basin Finance Journal,1998,(6):395-425.
[16]Cesari A D.Expropriation of minority shareholders and payout policy[J].British Accounting Review,2012,44(4):207-220.