摘要
文章以股权分置改革方案获得通过的45家试点上市公司为样本,分析了其股权分置改革方案的现实选择特性:80%的试点公司采用纯送股方案。通过分析6种股权分置改革方案的实施对上市公司相关财务比率和理财目标函数的影响,得出上市公司股权分置改革方案选择的理性思路:尽可能选择缩股型方案。对比上市公司股权分置改革方案的现实选择特性和理性选择思路,说明其股权分置改革方案的选择具有一定的非理性成分。
45 listed companies＇ share merger reform schemes were examined in this paper. Among these schemes, about 80% include a pure bonus share arrangement while they can be classified into 6 categories. Analysis and comparison about the impact of each category of schemes on the companies＇financial ratios, financial objective indexes and were made for identifying rational choices. Results showed that rational choices are common in following a downsizing reform routes. Some irrational factors were also illustrated in the paper.
出处
《财经理论与实践》
CSSCI
北大核心
2006年第3期65-68,共4页
The Theory and Practice of Finance and Economics
