股权分置问题及改革的基本思路

中国上市公司的股权分置问题是建设市场经济过程中遗留的重大制度缺陷。股权分置已成为资本市场健康稳定发展的瓶颈,其改革势在必行。通过建立博弈模型我们认为,解决股权分置的基本思路应是通过各方博弈,由非流通股股东向流通股股东支付对价来获取流通权。股权分置改革必然会伴随着股市的震荡和博弈各方的冲突与妥协。因此,参与博弈的各方都应充分认识这次改革的艰巨性和复杂性。

Shareholding Splitting and Basic Ideas for Its Reform

The problem of shareholding splitting in listed companies is a big system drawback in the course of building market e-conomy, and shareholding splitting has become a bottleneck in the healthy and stable development of capital market, so its reform is imperative. The paper discusses the basic ideas about solving the problem of shareholding splitting through constructing a game model, i. e. through games circulating right is achieved by non-tradable share holders paying consideration to tradable share holders. The reform of shareholding splitting is inevitably accompanied by the concussion of stock markets and the conflicts and compromises of every party in the game. Therefore every party in the game should realize the hardship and complication of the reform.