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

发布时间：2018-01-26 23:13

本文关键词： 股权分置改革流通股股东非流通股股东利益侵占行为　出处：《中国管理科学》2016年S1期 　论文类型：期刊论文

【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。
[Abstract]:In this paper, a mathematical model is established to study theoretically the mechanism of non-tradable shareholders' interest encroachment on tradable shareholders in the process of non-tradable shares reform in China's stock market. On this basis, this paper makes a reasonable explanation of the "financial anomaly" existing in the process of the reform of the split share structure in China's stock market. The results of the study show that in the process of the reform of the split share structure, the financial anomaly exists in the process of the reform. The capital gains of the original non-tradable shareholders will increase, and the capital gains of the former circulating shareholders will decrease. The capital gains of the original non-tradable shareholders are exactly equal to the capital gains of the original circulating shareholders; The amount of interest encroachment of original non-tradable shareholders on circulating shareholders is positively related to the number of shares held by former non-tradable shareholders and the cost of holding shares of former tradable shareholders. The research results of this paper can give a reasonable explanation for the "financial anomaly" in the process of equity separation in China's stock market.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金重点资助项目(71232004)
【分类号】：F224;F832.51
【正文快照】： 1引言股权分置改革是规范中国股票市场行为、实现中国股票市场国际化接轨的必然选择和重大战略举措,从长远来看应该对中国股票市场持续、快速、健康发展产生积极而深远的促进作用。但是,从2005年至今的中国股权分置改革实施过程来看,仍然存在着如下几个非常显著的“金融异常

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