股权分置改革刍议

The Research of the Split Share Structure Reform

上市公司解决股权分置方案由非流通股股东、公司管理层、机构投资者、自然人股东之间的博弈决定。解决股权分置后证券市场更加活跃、市盈率进一步降低、保荐机构分化更加明显。从首批四家解决股权分置试点情况看,解决股权分置还应当建立公司管理层激励机制、修改国有股考核办法、建立流通股股东谈判机制。

The act of solve the split share structure in listed company is decided by non--negotiable shareholder, company government, institutional investor and nature person. After the split share structure reform, the securities market will more active, p/e ratio reduce, investment bank differentiation. From the four split share structure reform trial, the split share structure reform will set up company government incentive mechanism, revise state--owned stock examine method , set up negotiable shareholder negotiate the mechanism