论股权分置改革的公平正义基础

The Fairness and Justice Foundation of Non-tradable Share Issue Reform

股权分置改革的核心内容是通过协商机制和对价安排来协调平衡非流通股股东和流通股股东的利益。本文试图通过模型与实证检验的方法,分析影响非流通股股东对价支付水平的三个重要因素,即股改前同一公司流通股与非流通股的价值差、股改前非流通股占总股本的比例、股改后公司合理价格。该模型及实证检验表明,流通股股东和非流通股股东在股改中达成利益均衡,股改的协商机制有效性和制度变革契约具有公平正义基础。

The core content of the Non-tradable Share Issue Reform is to balance the interests of non-tradable shareholders and tradable shareholders through negotiation and consideration. This paper analyzes the three important factors that affect level of consideration： 1. value gap between tradable and non-tradable shares; 2. Ratio of non-tradable shares before the reform, and 3. fair price after the reform. The empirical results indicate that the Reform reaches equilibrium between nontradable shareholders and tradable shareholders; and the negotiation mechanism and contract has the foundation of fairness and justice.