对股权分置改革对价问题的市场分析——通过股权分置改革试点阶段G股的市场表现认识对价的特征

Analysis of market in stock right splitting reform consideration——Consideration characteristics based on G share market behavior at experimental period of stock right splitting reform

股权分置改革作为一场促进我国资本市场健康发展的制度性变革,给股市带来了生机,G股的活跃表现为投资者创造了更多的投资机会。在股权分置改革试点阶段,试点企业推出的对价方案呈现出对价方式的多样性、对价水平的差异性、对价依据的非统一性和调整对价的随意性等多种市场特征。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的沟通和交流。

Stock right splitting reform, as systematie reform to promote healthy development of China＇s capital market, brings vigor to stock market and active behavior of G share creates many opportunities for investors. At experimental period of stock right splitting reform, consideration plans of experimental enterprises have obvious market features such as, consideration method varieties, consideration level unevenness, consideration basis un - integration and adjusting consideration at will. Consideration method varieties provide more market opportunities for investors and consideration level difference reflects different consideration costs. Consideration basis difference is the main reason for different consideration levels. Listed companies frequently adjust consideration plans, which results from communication between shareholders of non - circulation shares and circulation shares.