导　　师： 罗绍德

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 从1994年第一例国有股协议转让开始,迄今已有14年的发展历程。随着我国经济的发展和国企改革的不断推进,协议转让在时间和实践的考验中逐渐焕发出旺盛的生命力,同时也逐步形成了自身发展的一些规律。由于国有股的转让定价直接涉及国有资产的流失,一直以来成为众所关注的焦点。在普遍认为将会对我国资本市场发展产生深远影响的股权分置改革已经启动的大环境下,究竟是哪些因素在影响着我国上市公司的股权转让价格水平呢?在这些影响因素共同作用的同时,是否存在起主要作用的因素呢?这些因素又是如果发生作用的呢? 本文在系统地借鉴国内外股权转让定价的相关研究文献的基础上,以2005年5月9日至2008年12月31日深交所、上交所所有仅发行A股的上市公司国有股权协议转让事件为样本,以股权分置改革为切入点,运用多元线性回归方法对样本数据的转让价格水平进行测算,考察影响我国上市公司国有股协议转让价格的诸多因素以及影响程度。实证结果发现:/(1/)股改时期国有股的协议转让价格比股权分置时期要高;/(2/)我国上市公司国有股协议转让的价格仍是以每股净资产为基础,增加一定的溢价成交;/(3/)国有股协议转让价格与流通股每股市价呈现正向关系,市场作用在股权转让中已经有所体现;/(4/)净资产收益率和净利润现金保障率与转让价格显著正相关,说明转让价格的确定考虑了公司的盈利能力和盈利质量:/(5/)后股改时代国有股协议转让价格并不体现控制权价值。 From the first case started up in 1994,the negotiating transfer of the state-owned stocks has developed for 14 years.With the economic development in China and advance in the reform of state-owned enterprises,standing the test of time and practice,the negotiating transfer grows exuberant vitality,and also forms its own rules of development.Which is directly related to the loss of state-owned assets,the transfer price of the state-owned stocks has been become the focus of attention.With the split-share reform continued to deepen,Chinese capital market will change greatly,which may result in the level the transfer price of the state-owned stocks in Chinese listed companies? In these factors affecting the transfer price at the same time,which factor plays a main role? And how do they play their role? Based on a great amount of related literatures and taken split-share reform as breakthrough point,with the negotiating transfer events of the state-owned shares in Chinese A-share listed companies between May,9th 2005 and Dec,31th 2008 as research samples,this paper calculates the transfer price to inspect the factors affecting the negotiating transfer price of the state-owned stocks in Chinese listed companies by using multiple linear regression method.The empirical conclusions shows that:/(1/)During the split-share reform period,the negotiating transfer price of the state-owned shares is higher than before;/(2/)The negotiating transfer price of the state-owned stocks in Chinese listed companies is at a premium based on the net assets per share;/(3/)The negotiating transfer price of the state-owned shares is positively related to the market value per share of floating stock,the role of market in the stock transfer has been reflected;/(4/)The rate of return on equity and cash to profit ratio are significant positive correlation with transfer price,showing that the transfer price is depending on the profitability and earnings quality; /(5/)In the final stage of the split-share reform era,the negotiating transfer price of state-owned shares does not reflect the control power.

关 键 词： 国有股 协议转让价格 股权分置改革

分 类 号： [F275]

领　　域： [经济管理] [经济管理]