【主题】中国股权分制改革中对价的理论与实证研究

Removing Market Friction and Sharing the Gain: Evidence from theSplitShare Structure Reform inChina

【主讲人】王坦加拿大不列颠哥伦比亚大学金融系教授

【时间】 6月14日（星期四）14：00-16：00

【地点】 清华经管学院舜德楼202

【语言】 中、英文

【主办】 清华大学中国金融研究中心 金融系

【目标听众】博士生，硕士生以及经管学院教师

【主讲人简介】Professor of Finance, Sauder School of Business, University of British Columbia.

【内容简介】

This paper studies the split share structure reform inChina. Prior to the reform, the domestic A-shares are divided into tradable and non-tradable shares with the same cash flow and voting rights. Under the reform, the holders of non-tradable shares negotiate with the holders of tradable shares in order to make their shares tradable. We develop a general equilibrium model to help understand the distribution of gains from the reform. We then use data from the reform to test the predictions from our model. Our model predicts: a) there is compensation made by the holders of non-tradable shares to the holders of tradable shares; and b) the size of the compensation is decreasing in the bargaining power of the holders of non-tradable shares, the fraction of tradable shares, and firm performance, and increasing in firm idiosyncratic risk. Our multivariate analyses are broadly consistent with the model predictions