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借助三个模型,对股改中机构投资者的存在是否保护中小投资者进行了研究,除考察送出率、送达率外,还设计了实际对价支付因子以研究机构持股比例的增加是否提高流通股股东得到的对价补偿。
With the help of three models, we study the existence of institutional investors in the share reform whether to protect the small and medium-sized investors. In addition to examining the sending rate and delivery rate, we also design the actual consideration payment factor to study whether the increase of institutional ownership increases circulation Shareholder’s compensation for the consideration received.