關于上市公司股權(quán)分置改革中對價量化問題的研究.pdf

1、9k孥碩士學位論文(專業(yè)學位)學校代碼：Id246學墨032075275關于上市公司股權(quán)分置改革中對價量化問題的研究院系：專業(yè)：姓名：指導教師：完成日期：管理學院工商管理李悉陳顆杰副教授2005年10月22b●●、032025275李杰關于上市公司股權(quán)分霧改革中對價量化問題的研究AbstractTheaimofthisessayistogivesomeexperiencesandlessonsforthereformofthesplit

2、sharestructure，whichbasedonthedetailedanalyslsaboutwhytheexperimentfailed，whatfactorsaffectit，andhowtobalancethebehalfofbothsidesThispaperpaymoreattentiononthereasonsofthefailureoftheexperiments，analysisoftheexchangepric

3、einthereformofthesplitsharestructure，andthemethodofmarketpricingIgivethreeexamplestodemonstratethereasonsofthereform’sfailureThegovernmenthasthreeexperiments，whichwerestatestockbind—salereductionin1999，statestockrepurcha

4、sereductionin1999，andstatestockIPObmdsalereductionin2001TheresultofthosereformsISfallureButthlstlmethesplitsharestructurereformhascomeintothewidelyspreadstageWecanseethatthegovernmenthaschangeditsbehaviorandmodes，which1e

5、adstoSuccessTheessayfocusesonfourmethodstoanalysetheexchangepriceinthereformofthesplitsharestructureTheyarethemethodofnottochangethecirculatedsharemarketvalue，hlstoricalcost，corporatlon’smarketvaluekeeping，andthemethodof

6、marketshockingcostInordertogiveadetaileddemonstrationandfindoutconclusionsIgivesomeactualcasesThemethodofmarketpricingaimsfortheproblemsofthemethodofquantltativeexchangepricepresently，whichistheinnovatlonofthlspaperIthln

7、kthatthemethodofquantitatlyeexchangepricepresentlyistoosubjectiveThus，thepricingprojectdoesnothavevalueArationalpriceistheresultofthegame，nottheresultofcalculationTheexchangepriceshouldbetheresultofgamebetweenthecirculat

8、edshareholdersandtheun—circulatedshareholdersIfthecirculatedshareholderscannotgivedanunanimousprice，themarketpricingisfeasible，economicalandobjectireKeywords：splitsharestructure，experimentofreductionofstate—ownedshares，e