对股权分置改革对价水平问题的分析

The Analyses of Consideration Level Questions About the Reform of Stock Right Splitting

对价支付合理与否是股权分置改革的关键问题。比较对价水平的高低,既要考虑对价的绝对水平,也要考虑对价的相对水平。作为一种金融衍生工具,权证具有财务杠杆和风险对冲两大功能。权证不仅为股权分置改革提供了一种新的对价模式,而且把两类股东在对价问题上的讨价还价变成了市场博弈,形成完全市场化的对价。权证在实现对价市场化的同时,为投资者提供了一种利益保全模式和风险控制模式,并激活证券市场交易,促进了证券市场功能的发挥,通过锁定投资者利益来推动股权分置改革的顺利进行。

It is a key to the Reform of Stock Right Splitting whether consideration is paid Reasonably. Comparing consideration level, absolute level is thought, on the other side, also relative level. As a developing banking tool, warrant has two functions, which are financial leverage and diversification of risk. Warrant provides a new consideration model for the Reform of Stock Right Splitting, on the other side, it turns bargain about consideration questions between two kinds stockers into market struggling. It has become a complete marketing consideration. When warrant puts consideration into market, it provides a interest security model and a risk control model. At the same time, it motivates stock market trade and develops stock market functions. The reform of stock right splitting is being carried smoothly by protecting investors interest.