国有股减持定价的博弈分析-金融学专业论文.docxVIP

摘要将国有企业的股份出售给个人投资者，已经成为全世界各国政府普遍采用的 摘要 将国有企业的股份出售给个人投资者，已经成为全世界各国政府普遍采用的 一项政策。本文所讨论的国有股减持是指在资本市场上减持国有股的方式，并将 国有股减持的过程看作是政府、国有上市公司及投资者之间的一个信号博弈。而 国有股减持的价格是博弈各参与方的利益平衡点，也是国有股减持能否成功的关 键。 本文提出了国有股减持过程中各利益主体的目标函数并分析了其各自的特 点，同时分别讨论了不同类型证券市场中的投资者目标函数中的各项因素和决定 证券市场价格的各项因素。随后根据这些因素分别对英国和中国的国有股减持定 价政策进行了分析。 英国的国有股减持定价政策在成熟证券市场中是比较有代表性的。英国政府 通过显著的国有股减持发行抑价程度和透明化的定价机制来树立参与国有股减 持的投资者的信心，从而吸引了更多的中小投资者来参与购买和持有私有化的上 市公司的股份，最终达到政府在普通民众中扩大持股者队伍的目的。 由于中国证券市场是一个新兴的市场，而且不能流通的国有股占总股本的比 例几乎占三分之二，所以在中国证券市场实现国有股减持定价博弈平衡的条件要 比英国等成熟证券市场实现博弈平衡的条件更高。而政府国有股减持政策的不连 续或不稳定更加会导致投资者对政府国有股减持政策的信心的丧失，加大实现平 衡的难度。要实现国有股减持的成功，提高投资者对政府减持政策的信心是关键。 关键词：国有股减持，定价，博弈 ABSTRA(了rSelling ABSTRA(了r Selling state—owned enterprises to the private investors has become a popular policy for governments all around the world．This paper focrises on the share issne pTivatization(slP)and models it as a signal game between the government，the state—owned enterprises and the private shareholders．The price of SIP iS the key point of the game and the key to the Success of SIP． This paper presents the objective functions of the players and analyses the main characteristies of the Obiectives．The determinants of the investors’objective and the stock price in different markets are introduced and applied to the analysis of the underpricing policy of SIP in Britain and China． ne underpficing policy of the British government is typical in the mature stock markets．The significant underpricing and the transparent pridng mechanism had lead to an increased confidence of the investors．ne underprincing policy encouraged more small investors to buy and hold shares of privatized companies，which made the British government achieve its goal successfully：widening share ownership among the general public． China stock market is an emerging market and roughly two thirds of the shares in the listed companies of China’S stock market is non-tradable state—owned shares． Therefore山e condition of equilibrium in China stock market iS harder than it iS in a m