对股权分置改革对价问题的理论与实证分析

Theoretical and positive analysis of problems in stock right splitting reform

解决股权分置问题,让非流通股变成可以流通的股份,必然存在非流通股股东为换得流通权而向流通股股东支付对价的问题。为协调流通股股东和非流通股股东两者的利益,非流通股股东必须支付一定的对价,作为取得流通权的成本。对价的高低不仅直接影响投资者的利益,而且是股权分置改革成败的关键。对价方式的多样化为投资者提供了更多的市场机会。

To solve the stock right splitting problems of turning non- floating stuck into floating stock, it would happen that non- floating stuck holders pay consideration to floating stock holders for gaining circulation right. Non - floating stock holders must pay certain consideration as the cost of getting circulation right in order to coordinate with the benefit between the two sides. The height of consideration influences not only investors＇ benefit but also stock right splitting reform. The variety of consideration provides investors with much more marketing chances.