对股权分置改革试点阶段对价问题的分析

Analysis on Issue of Consideration in Pilot Stage of Equity Division Reform

在股权分置改革试点阶段,上市公司推出的对价方案呈现出方式的多样性、水平的不均衡性、依据的差异性和调整对价的频繁性等多种市场特征。对价方式的多样性为投资者提供了更多的市场机会,对价水平的高低差异反映了不同的对价成本,对价依据的差异性是导致不同的对价方式和不同对价水平的主要原因,上市公司频繁调整对价方案缘于非流通股股东与流通股股东之间的沟通和交流。

In pilot stage of equity division reform, consideration projects raised by listed companies present various market features, such as methods variety, level unevenness, difference of basis and frequency of adjustment. Variety provides investors with more market chances; unevenness reflects different consideration cost; difference of basis is the main reason that leads to different methods and levels of consideration, As a result of communication between the tradable and non-tradable shareholders, listed companies adjust the consideration projects frequently.