摘要
在中国经济体制改革已取得重大成效的今天,股权分置问题成为众多经济问题的根源和制约改革进一步深化的障碍,如何在维护股东利益和保持市场稳定的基础上审慎地解决股权分置问题成为了中国面临的巨大的智慧考验。我们认为,对流动性的分析与定价是中国资本市场股权分置改革的核心问题,其意义远大于其表面上的非流通股参与流通,同时也体现在促进金融创新和估值体系重建两个方面。本文不揣浅陋,着眼于流动性的理论依据,试图探讨如何利用衍生金融工具给股票流动性定价,以此来解决对价给付问题。
With the deepening of economic system reform in China,the split of shares has become the origin of numerous issues.Securities market of China has been in an abnormal state for a long time in the aspect of structures and functions.And,the basic institutional cause is the split of shares,which do harms to China's securities market seriously.How to settle the problem on basis of protecting shareholders and keeping the market steady has been brought an enormous challenge of intelligence to China. In this paper,we have discussed the pricing and measurement of liquidity premium.Particularly,we have used option pricing method to price the liquidity,not only for the reform of non-tradable shares in securities market,but also for financial innovation and pricing of value.
出处
《会计研究》
CSSCI
北大核心
2006年第2期87-92,共6页
Accounting Research
