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| 受限股解禁的信号传递模型 | |
| 引用本文： | 吴振信,张雪峰,王书平. 受限股解禁的信号传递模型[J]. 中国管理科学, 2008, 0(Z1) |
| 作者姓名： | 吴振信 张雪峰 王书平 |
| 作者单位： | 北方工业大学经济管理学院; |
| 基金项目： | 北京市人文社科重点项目(SZ200710009003); 北方工业大学青年重点研究基金项目 |
| 摘 要： | 股权分置改革后,上市公司大股东持有的非流通股于2007年1月开始陆续解禁流通。本文构建了一个受限股解禁的信号传递模型,证明了分离均衡在现实中的存在性,研究发现:中小股东可以通过第一大股东减持比例来评价公司价值,从而分离出公司真实类型,并通过股票价格将其均衡策略反映出来。 |
| 关 键 词： | 受限股解禁 信号 精炼贝叶斯均衡 |
A Signaling Model of Non-Circulating Stock Trading |
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| WU Zhen-xin,ZHANG Xue-feng,WANG Shu-ping. A Signaling Model of Non-Circulating Stock Trading[J]. Chinese Journal of Management Science, 2008, 0(Z1) | |
| Authors: | WU Zhen-xin ZHANG Xue-feng WANG Shu-ping |
| Affiliation: | WU Zhen-xin,ZHANG Xue-feng,WANG Shu-ping (The College of Economics , Business Administration,North China University of Technology,Beijing 100144,China) |
| Abstract: | After share splitting reform,non-circulating stock trading was carried out by many listed companies at start of Jan.2007,so the share splitting reform was completed.A signaling model of non-circulating stock trading was established in this paper,and the existence of separating equilibrium in reality was proved.The result showed that middle and small shareholders could evaluate the companys value by reducing proportion of first big shareholders, hence the real type of company was separated.At last,their equi... |
| Keywords: | non-circulating stock trading signal perfect Bayesian equilibrium |
| 本文献已被 CNKI 等数据库收录！ | |