流通股

目前，美国前200名上市公司的外部流通股中有13%是用于对经理进行股票期权激励的。

At present , 13 % of floating stock in 200 top listed companies in the U.S.A has been used in incentive to mangers .

飞机服役年限的确定研究结果发现，超能力派现与上市公司的上市年限、国有股比例、流通股比例显著正相关；

Study of Ensuring Aircraft 's Service Year The first result is the high cash dividend has positive correlations with the listed years , proportion of stated-owned share and the proportion of the floating stock .

VaR技术对非流通股过渡流通方案的研究

A Study of the Scheme of the Transition of Stocks from Non-circulation to Circulation

因此，上市公司实施MBO后，管理层具有分红倾向，高分红有损于流通股股东利益。

So , management has high dividend distribution aptitude , which brings damage to the interests of the stockholders circulated .

高盛（GoldmanSachs）估计，此类贷款相当于符合融资交易条件的股票的自由流通股总市值的12%，国内生产总值（GDP）的3.5%。

Goldman Sachs estimates such lending equals 12 per cent of the free-float market capitalisation of margin-eligible stocks , and 3.5 per cent of gross domestic product .

中国股市与2000年的纳斯达克（Nasdaq）相似，当时，炙手可热的互联网公司估值达到荒谬的水平，而流通股却很少。

China 's stock market is similar to Nasdaq 's in 2000 when the hot internet companies had ridiculous valuations but small free floats .

首席财务官和主要股东之一马克布朗（markbrown）表示，股价动荡是因为自由流通股不多，而该公司致力于开发其在美国怀俄明州的矿已有10年。

Mark brown , chief financial officer and a leading shareholder , said the volatility was explained by the equity being tightly held , and the company had been working on developing its Wyoming mine for a decade .

这家公司将只发行17%的流通股，而且已经得到了几个基础投资者，其中包括美国的雅虎公司（YahooInc）。

The company will have a free float of just 17 per cent , and has already secured a clutch of cornerstone investors , including Yahoo Inc of the US .

Facebook在一份监管备案文件中说，将用约1.839亿股Facebook股票（价值120亿美元左右）收购WhatsApp的全部流通股和期权。

Facebook said in a regulatory filing that it would acquire all outstanding stock and options in WhatsApp for about 183.9 million of its shares , valued at about $ 12 billion .

正是从解决问题的角度出发，笔者在第三章提出了X股市场的定价方法，即通过开辟一个非流通股和流通股的置换市场实现对非流通股的动态、间接市场定价。

The author proposed in Chapter Three a pricing method by establishing a " X Stock Market ", i.e. a market where the transferable shares and the non-transferable shares can be exchanged , which offers a dynamic and indirect pricing for non-transferable shares .

应用KMV模型需要达到三个方而的条件，即非流通股定价、违约数据的获取和资产价值的方差。

Application KMV model which puts need to three conditions , namely the non-tradable pricing , breach of contract data acquisition and the variance of asset value .

在宏观经济持续高速发展的良好形势下，目前我国正逐步走上投资机构化的发展道路，无论是管理资产占GDP的比重，还是持有流通股比重，都大幅增长。

With the rapid development of macroeconomy , China is on the way to gradually institutionalize its investment . Investment intuitions have been achieving significant leaps , whatever on the proportion of holding the tradable shareholders , or on the manageable assets .

具体结论如下：Z指数对公司并购绩效具有显著的负效应；国家股比例与公司并购绩效呈显著正相关；流通股比例与公司并购绩效呈显著负相关。

Specifically : the Z index has a significant negative effect on the performance of corporate M A ; proportion of state shares and corporate M A performance was a significant positive correlation ; the proportion of tradable shares and corporate performance is negatively correlated .

阿塞洛-米塔尔（arcelormittal）已出售其意欲控制的一家中国钢企的部分股份，以便符合该公司上市地点香港的最低流通股要求。

ArcelorMittal has sold part of its stake in a Chinese steelmaker it wants to control so it can meet the minimum free float requirement in Hong Kong where the shares trade .

KMV模型运用于我国现实中存在非流通股定价、历史违约数据不全、公司价值和股权联立方程稳定性以及违约点的设定等问题。

KMV model used in our reality , there is the pricing of non-tradable shares , the historical default data was incomplete , firm value and equity simultaneous equation set point stability and issues such as breach of contract .

不出所料，瑟利夫公开表示欢迎这一新规，并声称Lazard这样的自由流通股投资者同样也像他一样希望让Turkcell继续保留土耳其身份。

Not surprisingly , Ciliv was openly pleased by the move , and argues that free float investors such as Lazard want the company to stay Turkish as he does .

通过对Carhart的四因素模型进行改进，即将四因素模型中的前一年回报率因素替换为流通股比例因素，可以增强其解释能力。

The improved Carhar ′ s four-factor model by substituting the previous one-year return factor for liquid-stock share factor proves to be the best model .

本文结果可为非流通股上市流通政策提供参考。

The results provide useful information to circulate non-circulating equity ownership .

流通股比例与债务期限结构负相关。

Outstanding shares and debt maturity structure have the negative correlations .

上市公司的流通股和非流通股对公司绩效的影响不同。

Liquid and non-liquid shares affect corporation performance in different ways .

流动性视角下的非流通股定价策略分析

Based on the Liquidity of the Non-tradable Share Pricing Model

公司绩效与流通股比例为负相关关系，呈现出由强至弱的变化；

The performance is negatively correlated with the percentage of circulation shares .

流通股对上市公司治理绩效的影响很小。

The tradable share has low effect to market achievement .

上市公司非流通股协议转让定价问题研究

Research on the Pricing Problem of Non-tradable Stock Transfer of Listed Company

上市公司非流通股价值评估初探

Thinking about the Appraisal for Non-marketable Share of Listed Companies

这些品牌必须是有流通股的股份有限公司。

The brands had to be public limited companies with liquid stock .

并购给流通股小股东带来的财富效应分析

The Analysis Of Wealth Effects between Acquisitions And Floating Stockholders

流通股比例与公司绩效负相关。

The proportion of tradable shares is negatively correlated with corporate performance .

二是将股权按意识形态划分为流通股和非流通股；

Equity was divided into circulating stock and non-circulating stock ;

高管持股和流通股与盈余管理的关系

The relationship between earnings management and trading shares and shareholding of managers