The Analysis Of Consideration In Share Merger Reform

Share merger reform plays a very important role in Chinese stock market at this stage, and consideration is the heart of share merger reform.Firstly, this paper refers to the definition of consideration and the relations between share merger reform and the payment of consideration. Then, I introduce and analyze some basic situations, which include the main theoretical basis of the payment of consideration at this stage and promissory provision of non-tradable shareholders in compensational type and style. Especially, it refers to the existing problem, such as the theory of consideration without enough evidence, the low level of consideration of some trial companies, the much complexed compensational plan and the lacking promise.With the analysis of the situation of present consideration, I point out my own opinion of the consideration of present share merger reform. First, it refers to the main content that consideration should be compensated. On this basis, I point out the payment of consideration must obey some principles: recognize consideration action, ensure the interests of shareholders in reform.I also make some concrete ideas that year-end rate of return rule tradable shareholders should be as the theoretical basis of consideration calculation, and set up a theoretical model. Year-end rate of return rule in it is, on the base of tracing invested cost, comparing the non-tradable shareholders and tradable shareholders'rate of return in the end of the year.At last, I point out my own ideas about how some companies with special problems pay for consideration. Especially, neither the loss of companies nor net asset of stock dropping is the pretext of reducing payment. I hope responsible departments publish policies to ensure the facility and reasonability in the payment of consideration in share merger reform.