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股权分置造成了流通股股东和非流通股股东之间的利益冲突,股权分置改革在制度层面上消除了这种利益冲突的根源,有利于企业创值能力的提高。本文采用EVA作为创值能力的度量指标,以2006年第一季度实施股改的上市公司为研究样本,分析了股权分置改革对企业价值创造能力的影响,研究结果表明,股权分置改革能显著提高企业的创值能力。
The non-tradable share holders caused the conflicts of interest between the tradable shareholders and the non-tradable shareholders. The non-tradable share reform eliminates the root causes of these conflicts of interest at the institutional level, and helps to improve the enterprise’s ability to create value. In this paper, EVA is used as a measure of value creation capability. Taking the listed companies that implemented the stock reform in the first quarter of 2006 as a sample, the paper analyzes the impact of the share-trading reform on the enterprise value creation ability. The results show that the reform of the share-trading structure can be significant Improve the company’s ability to create value.