股改对价计算方法选择的实证研究

利用Multinomial Logit模型就每股收益、市盈率、每股净资产、市净率、发行市盈 率指标以及公司的上市年份变量如何影响非流通股股东对对价计算方法的选择进行实证研究 。结果表明，非流通股股东存在着选择能带来最小理论对价水平计算方法的偏好。因此有必 要要求非流通股股东充分披露选择不同方法下的理论对价水平。

An Empirical Study of the Selection of the Calculating Methods in Consideration Payments

Using Multinomial Logit Model,the article makes an empirical study of how the selection of the calculating methods by the shareholders owning non-negotiable stocks in consideration payments is affected by such variables as earnings per share,price-to-earnings ratio,net asset value per share,price-to-book ratio,initial P/E ratio,and listing year.The findings show that the shareholders owning non-circulation stocks tend to select the method which can bring about the smallest consideration payments.It is thus necessary to require the shareholders owning non-circulation stocks should disclose the consideration payments resulting from the selection of different methods.