The Study On The Consideration In The Chinese Share Structure 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 kinds of stocks have different rights, different value 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.The Share Structure Reform is a deeply reform which relate to many factors, it make Chinese stock market exert more function, the key question of the Share Structure Reform is consideration. However, the phenomenon of confused consideration and big amendment has full discovered the question in the Share Structure Reform. These existent problems directly affect the deepening and advance of the Share Structure Reform. Hereby, this paper start with the value of nature of listed companies tradable shares in our country, deep analysis the value of nature of the tradable shares and the features of the each several part value, and analysis the situation and rationality of consideration. According to the property, we can propose a combinatorial warrant project. This project is a market-oriented project and can reflect the value of nature of the tradable shares. These researches not only can realize the value of nature of the tradable shares but also can support the development of option.First this paper analysis the value of nature of listed companies' tradable shares in our country means the research basis of this paper. conclude the value of nature of the tradable shares is compose of basic usufruct value,basic value of circulate power,privilege value of circulate power. Analysis the opinion feature of every part. Secondly, study on the situation of the consideration, point out some problems that exist in the present situation; thirdly, analysis the rationality of consideration in both aspect. Then, analysis the disadvantage of simple warrant, propose combinatorial warrant project and analysis a case. This is a market project and can help the development of Chinese capital market. Finally, draw a conclusion.