对价方式一致化与对价水平的统一衡量标准

本文将股权分置改革中的对价方式归纳为股本调整类(非流通股股东向流通股股东送股、非流通股缩股、流通股扩股)、现金对价和权证对价三大类,通过归纳两类股东的对价水平评价指标,以及两类股东的对价效用函数变量在一定条件下的相等,通过7个命题依次证明了股本调整类对价方式的完全等效性,以及在忽略一些次要变量的情况下股本调整与现金对价、现金对价与权证对价的等效性,由此得出在一定条件下可以将股权分置改革中的各种对价方式统一起来、以一种单一对价方式表示,以及不同类或者混合的对价方式之间可以比较对价水平的结论.

Unification of Consideration Modes and Universal Standard for Consideration Price

This article summarizes consideration modes appeared in Share Structure Reform into three kinds, including share adjustment, cash payment, and options issuance, and proves that consideration modes of share adjustment are completely equivalent to each other, and that consideration modes of share adjustment are equivalent to cash payment and cash payment is equivalent to options issuance when we neglect some subordinate conditions. Then it concludes that when we neglect the subordinate conditions, all kinds of consideration modes can be unified as anyone of them, and comparison between different simple or even complex consideration modes can be made.