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论文编号：	121
作者编号：	2120052033
上传时间：	2007/6/22 21:18:59
中文题目：	非流通股股东对价支付水平与控制
英文题目：	Research on consideration leve
指导老师：	李维安
中文关键字：	非流通股股东;控制权;股权分置改
英文关键字：	illiquid shareholder;controlli
中文摘要：	股权分置改革是对我国上市公司具有深远影响的重大变革。本文以非流通股股东的对价支付水平为研究对象，来分析相关利益主体的行为以及上市公司未来控制权变动情况。 本文首先对有关控股股东、机构投资者以及股权分置改革的相关文献进行梳理；然后对于股权分置改革中的重要概念、理论和方法进行总结。并结合教育部哲学与社会重大攻关项目“中国民营经济制度创新与发展问题研究”(项目号03JZD0018)的相关成果，分析股权分置改革对产权互动造成的影响；再对非流通股股东与流通股股东博弈过程构建模型，并在模型中重点分析了非流通股股东向基金公司地寻租行为；紧接着利用实证研究方法对1043家完成股改的上市公司的对价水平、流通股表决率等指标进行分析；最后，分析非流通股股东的对价支付行为对上市公司控制权变动产生的影响。 本文发现，上市公司的非流通股股东有尽早进行股权分置改革的意愿，并愿意为此支付较多的对价，其中持股类型为国有股的控股股东的意愿更加明显；非流通股股东为了通过表决，会与流通股中的机构投资者合谋；控股股东类型为国有股的上市公司，其参加表决的流通股的赞成比率较高，但与其参加表决的流通股占流通股股份总数的比率显性负相关，这从侧面反映了可能是由于非流通股股东对机构投资者的寻租行为所造成的影响。 本文对于非流通股股东（主要是控股股东）对价支付水平及其对控制权变动的研究，为充分发挥控股股东对上市公司的积极作用、防止控股股东、机构投资者以及持股高管对上市公司的侵害、提高上市公司的治理水平提供了一定的借鉴和参考。
英文摘要：	The reformation of dispartion of share and rights is very important for China listed companies. This paper does research on the consideration level to analyze the behaviors of relative beneficial bodies and the influence of future controlling right change. This paper firstly collects relative research materials about shareholders of controlling the companies, institution investors, then reformation of dispartion of share and rights and then summarizes key conception, key theories and key methods, and this paper refers to the outcome about property interaction between private economy and state-owned economy of research center of nankai university corporate governance in the project of “China private economic institution innovation and development research” (project code: 03JZD0018.then describes the whole game process of revolution by game theory and finally expresses the behaviors, willing and preference of shareholders of controlling the companies by the empirical method. In this paper I find out the controlling shareholders will hope to pass the revolution of reformation of dispartion of share and rights even if would like to cost more and lose part of controlling rights; they will pay institution investors for some interest to get their support which is seen out that the institution investors have big power and will have more in the future; though there are high voting agreement rate, less taking part rate of liquid shareholders; independent directors of board and shareholding of chairman of board influence the level of consideration a lot which are also two kinds of powers influencing the controlling right of shareholders of controlling the companies. The research on behaviors of shareholders of controlling the companies and their influence will help to let shareholders of controlling the companies do more contribution to the companies and decrease their harm to the listed companies. I believe this paper will do some contribution for future research about shareholders of controlling the companies and relative policy of corporation governance.
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