CAJ | 학술논문

本文将股权分置改革本身看做是上市公司拥有的永久性美式看涨期权多头，并运用期权分析框架，分析了股权分置改革时机的选择问题、流通股股东与非流通股股东的博弈、预期与价格跳跃过程，找到了该期权定价公司和提前执行该美式期权的最优执行边界，消除了在股权分置改革过程中出现的一些认识上的误区，并对中国的股权分置改革问题提出了一些政策性建议。
본문장고권분치개혁본신간주시상시공사옹유적영구성미식간창기권다두，병운용기권분석광가，분석료고권분치개혁시궤적선택문제、류통고고동여비류통고고동적박혁、예기여개격도약과정，조도료해기권정개공사화제전집행해미식기권적최우집행변계，소제료재고권분치개혁과정중출현적일사인식상적오구，병대중국적고권분치개혁문제제출료일사정책성건의。
In the paper, the authors consider the equity segmentation reform as the perpetual American call option of listed companies. Based on the option framework, the paper studies the suitable timing of reform for the listed companies; the games between liquid shareholders and non - liquid shareholders, the expectation and price jump process, etc. Then, the paper finds the pricing formula and the best boundaries to exert the American options, and cleared up some misunderstandings for the reforms on equity segmentation. In the end, some policy suggestions for the reforms on Chinese equity segmentation are proposed.