A Study Of Shareholder Structure Reform In China

In April 2005 an epochal event took place in Chinese stock market, which is the starting of stockholder structure reform. As a most substantial systematic reform in Chinese capital market, whether the reform can reach to final success and from then on whether the market can tend towards the transition rely on the unwavering decision of managerial level and the political coordination from competent authorities, as well as the market participation, and the better understanding and strong support from various circles. This paper represents the study on the alternatives and consideration of the domestic stockholder structure reform.This paper recalled the origin and course of the shares partition, and analyzed the current status of domestic capital stock structure and the problems it faced to. Based on those, the necessity and importance of the stockholder structure reform were stated, and analysis and discussion are made concerning the seven alternatives in the stockholder structure reform theory, their advantages and disadvantages and the applicable fields are represented. Furthermore, a study on the core issues - consideration- in the stockholder structure reform was conducted, an theoretical analysis on consideration model in five more popular alternatives for the shareholder structure reform was made, and three consideration estimation methods are described. Then, for Kailuan Clean Coal Co., an assessment on consideration in the stockholder structure reform was made and the range of consideration in the stockholder structure reform was determined based on the feature of the sector, national policies for the sector, current status of the company in the issue of stockholder structure reform and basic situation concerning the comparable listed companies, with three different consideration estimation methods. Finally, the author analyzed the difficult points in the reform and put forward the solutions.