Abstract: The stock price is influenced by many factors. The share ratio in circulation, the size of company, per share earnings and net asset value per share were considered as the important indexes which decide the stock price. Feltham-Ohlson model was expanded, and the empirical result indicates that the share ratio in circulation effects on the stock price negatively and the other three indexes also influence the price largely. In the implementing moment of the reform of dual-class equity structure, the impact of the share ratio in circulation to stock price, to provide reference for the listed companies to make their financial policies was studied, for the investors to make their reasonable decisions, for the short-term investors to make sensible choice from the aspect of negotiability.

Key words: Ownership structure, Stock price, Share ratio in circulation

摘要： 股票价格受到多方面因素的影响，把流通股比例、公司规模、每股收益、每股净资产作为决定股票价格的重要指标。对Feltham-Ohlson模型进行扩展，实证结果表明，流通股比例对股票价格存在显著负影响，且其他3个指标也对股票价格具有重要影响。在我国股权分置改革阶段，研究股票流通股比例对股票价格的影响，为上市公司制定财务政策和投资者科学决策提供参考，帮助短期投资者从流通角度进行合理选择。

关键词: 股权结构, 股票价格, 流通股比例