我国股权分置改革中对价支付公平性的实证研究

自2005年4月份以来，我国的上市公司开始实行股权分置改革，至2007年底已基本完成。股改的实质问题是上市公司非流通股东和流通股东间的利益分配，我们主要通过分析股权分置改革中，非流通股东向流通股东支付的对价水平来研究其公平性的问题。我们使用了常用的对非流通股定价的原理，得出的结论是，流通股股东每10股就少得了1．501股对价支付，绝对不平等率达50％左右。

Research on the Price Pay Equity in the Ownership of Share Reform in our Country

Since April of 2005,our country of listed company start practice the ownership of a share to place the reform for cent,go to the end of 2007 already basic complete.A substance problem for change is the benefits allotment that the listed company circulates the shareholder and circulate the shareholder not,we mainly pass the analytical ownership of a share to place separately in the re-form,circulating the shareholder not to circulate the problem that the shareholder pays to the price level to study its equit...