A Game Research On The Consideration Issue Of The Equity Division Reform

The Chinese stock market has non-tradable stock and tradable stock two kinds of stocks because of the special historical reason. It is restricting the stock market further development seriously that two kind of stocks have different rights, different values and different incomes. The reform on equity divisional structure is a capital market important reform, not only is advantageous to consummate the capital market pricing mechanism, strengthen the listed company's market restraint, and fully display the capital market functions, but also is advantageous to the state-owned enterprise's transformation and the state economy layout strategic adjustment, that relate to the market company's long term development and investor's vital interest.This article in detail elaborates the research and the ponder about the consideration issue of the equity division, and proposed unique thought and solution on the basis of drawing lessons from others' thought and research achievements. The paper creationarily proposes establishing an equity division game model with the dynamic game thought. Through analyzing the rational behaviors of two players of game and getting the result of model, we can solve the core problem of consideration. The result indicates that the non-tradable stockholders will get the major part of the added value created by reform in accord to the principle of minimum loss. It is rational choose that the players agree with the proposal of consideration that guarantee both sides will not suffer loss through the classified vote mechanism. The stronger negotiations ability the tradable stockholders have, The bigger consideration they gets.Some rich fresh ideas and thoughts of this article not only have the certain reference significance to both sides of game, but also is helpful in ruling the game, and realizing the principles of fair, justness, open for the related government department and the organization.