The Study On The Consideration Compensation In The Split-Share Structure Refroming

The split-share structure is the biggest barrier to restrict the stock market to be stable andhealthy development. Solving this barrier depends on each benefit correlations' participation,also needs the government to set strategy guidelines in the reforming. Many listed companiesstarted the reforming experiment from May,2005 and had completed the reforming. Thereforming has completed more than half in company's quantity and also in the market values.Now reviewing the road the split-share structure reforming passed through is rocky,and thereforming is trying in the right way. The benefit correlations compete with each other in thereforming and struggle in their own benefit. The non-circulation stock in order to realize thefree circulation and enjoy the liquidity premium has to pay consideration to the circulationstock shareholders and also it is the result of gambling.It is a long time from the government proposed the suggestion to set experiment sites tosolve the split-share structure to carry out the experiment sites in massively. The processcontinued several years and it was the procession to deepen the question and the governmentrealized the investors' interests in the markets. Under the general circulations stockshareholder's intensely resistance,they got the good results in protecting their own interests.At the same time it is too early to give a conclusion in judging the reforming's success and thereforming is on the way. The right thing we are facing is to receive all kinds of good ideafrom every societies in dealing the problem.This paper analysis the harm which the split-share structure brings and gives the suggestionto solve the problem in urgency and necessarily. The author proposed the property theory andagent theory to support the reforming,and viewed the consideration compensation being thecore problems. Then the author introduced the definition of consideration compensation andthe methods to recognize the quantities pays to the circulation shareholders. This paper alsoanalysis the status the experiment sites and concludes the experiences. At last the authorsummarizes the successful experiences and forecasts the difficulty in the future and givescorresponding suggestions.