我国上市公司股改对价的公平性研究

在股权分置改革中,非流通股股东支付给流通股股东的对价水平在总体上是公平的,不公平成分占整个对价水平的比例很小。流通股股东持股比例、公司未来发展前景与公司股改对价水平之间均呈显著负相关关系。严格控制公司出台对价承诺方案,并对有对价承诺方案的公司加强监督,以及加强对机构投资者、非流通股大股东和上市公司之间内幕交易的监管,将是本次股改和股改后监管工作的重中之重。

Research of the Equality of Chinese Listed Companies Consideration

The consideration rate is equality of Chinese listed companies consideration and the unfair component is little compared with the entire consideration rates. There exists the negative correlation between consideration rate and ratio of tradable shares. It is important in the split-share reform to strictly control and supervise listed companies consideration project ,as well as to reinforce the inspection on the insider-trading among institutional investors, large shareholders holding non-tradable shares and listed companies.