From the first case started up in 1994,the negotiating transfer of the state-owned stocks has developed for 14 years.With the economic development in China and advance in the reform of state-owned enterprises,standing the test of time and practice,the negotiating transfer grows exuberant vitality,and also forms its own rules of development.Which is directly related to the loss of state-owned assets,the transfer price of the state-owned stocks has been become the focus of attention.With the split-share reform continued to deepen,Chinese capital market will change greatly,which may result in the level the transfer price of the state-owned stocks in Chinese listed companies? In these factors affecting the transfer price at the same time,which factor plays a main role? And how do they play their role?Based on a great amount of related literatures and taken split-share reform as breakthrough point,with the negotiating transfer events of the state-owned shares in Chinese A-share listed companies between May,9th 2005 and Dec,31th 2008 as research samples,this paper calculates the transfer price to inspect the factors affecting the negotiating transfer price of the state-owned stocks in Chinese listed companies by using multiple linear regression method.The empirical conclusions shows that:(1)During the split-share reform period,the negotiating transfer price of the state-owned shares is higher than before;(2)The negotiating transfer price of the state-owned stocks in Chinese listed companies is at a premium based on the net assets per share;(3)The negotiating transfer price of the state-owned shares is positively related to the market value per share of floating stock,the role of market in the stock transfer has been reflected;(4)The rate of return on equity and cash to profit ratio are significant positive correlation with transfer price,showing that the transfer price is depending on the profitability and earnings quality; (5)In the final stage of the split-share reform era,the negotiating transfer price of state-owned shares does not reflect the control power. |