从市场层面看股权分置改革的对价问题——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

Making a Market Analysis about Consideration while Reforming Stock Right Splitting——Understanding the feature of consideration through the market manifestation of G stock while testing stock right splitting

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之间的沟通和交流。

The reform of stock right splitting, as a system transform, which promotes a health development for our capital market, gives the market a hope. The active show of G stock has brought more investing chances for investors. While testing stock right splitting reform, the consideration programs raised by testing business enterprises show various market features, such as consideration methods variety, consideration level unevenness, consideration basis non-unity and adjusting consideration at will. Consideration methods variety provides investors with more market chances. Consideration level unevenness shows different consideration cost. Consideration basis difference is the main reason that leads to different consideration levels. Quoted companies adjust frequently consideration programs because between the stock holders of circulating stock and the stock holders of non-circulating stock need linking and communication.