CAJ | 학술논문

股权分置改革及其过程中存在的问题所产生的长期后续效应制约了中国股票市场的良性发展。将基于银行信贷市场中管制利率和限制竞争等政策行为而提出的金融约束理论扩展到证券市场,并对中国股权分置改革中支付对价的不合理性进行分析,结果表明：金融约束政策租金的大小与支付对价不合理性程度之间存在紧密的联系,政策租金经IPO高定价行为与股权分置政策得以累积,又通过股权分置改革中不合理的对价支付水平而得以释放;通过建立一个合理对价率模型以测算合理对价率与实际对价率的偏离度程度,核算出非流通股股东对流通股股东侵占的政策租金规模。
고권분치개혁급기과정중존재적문제소산생적장기후속효응제약료중국고표시장적량성발전。장기우은행신대시장중관제리솔화한제경쟁등정책행위이제출적금융약속이론확전도증권시장,병대중국고권분치개혁중지부대개적불합이성진행분석,결과표명：금융약속정책조금적대소여지부대개불합이성정도지간존재긴밀적련계,정책조금경IPO고정개행위여고권분치정책득이루적,우통과고권분치개혁중불합리적대개지부수평이득이석방;통과건립일개합리대개솔모형이측산합리대개솔여실제대개솔적편리도정도,핵산출비류통고고동대류통고고동침점적정책조금규모。
Problems that the non -tradable share reform has brought restricts the healthy development of China＇s stock market. The article expands the theory of financial restraint based on the policy such as in- terest rates controls and restrict competition on the bank credit market to the stock market, and analyzes the irrationality of consideration payment in China non - tradable share reform. There is a close link between the size of policy rent and the degree of unreasonable consideration. And policy rent has been accumulated by the high pricing behavior in IPO and the policy of non - tradable shares, and released by the level of unrea- sonable consideration in the reform of non - tradable shares. Then using a model of reasonable consideration rate to measure the rent scale in the stock market, thus accounting and proving the large rent scale and its plunder of tradable-share holders.