Valuation of Restricted Shares by Conflicting Shareholders in Split Share Structure Reform

摘要：

Trading constraints with unspecified constraint horizon are imposed on the shares held by the state in the IPO of each listed firm in China Stock Market. In 2005, a so-called Split Share Structure Reform (also known as Division Reform) was launched in which the holders of restricted shares give up a proportion of their shares to purchase the right to terminate the trading constraint. From the size of the compensation, we infer the value of restricted shares and find that their price discounts are negatively affected by the restriction looseness captured by our proposed new multi-dimensional measure and positively affected by the bargaining power of the holders of freely-traded shares.

关键词： Illiquidity Restricted Share Split Share Structure Reform Restriction Measure Bargaining Power

作者: Wenxuan Hou Sydney Howell

作者单位: Bradford University School of Management, Emm Lane, Bradford, UK, BD9 4JL Manchester Business School, University of Manchester, Manchester, UK

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-51

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）