The Rational Consideration Research On The Reform Of The Detachment Of Stock

When the time Chinese stock market built up in the early 1990's, because of without full understand of the economy market and the stock market at that time, the stock market was artificially divided into social public stock that can circulate and the state-owned stock and corporation stock that can not circulate on stock market. These two kinds of stocks formed such a stock market system that same shares owned different rights, different prices and different interests. This is the detachment of stock equity. The three reforms aimed to solve the detachment of stock equity failed because of unable to protect the benefits of public stock shareholders, and lead to the reform of the detachment of stock equity at last. This thesis tries to research the reform by the aspect of protection for common stock-holders'benefits through the measure of integrating theory analysis and positive analysis. By the theory analysis, the author intend to prove that the basis of consideration theory was confusion, the support for reform theory was inadequate at the beginning, then the law protection for tradable share-holders was not enough, the big share-holders plundered the benefits of common share-holders by their superiorities, and the protective measures to the pressure of market scale expansion were far from sufficient. From the three consideration sides, it is clear that common share-holders'benefits did not be protected well during the reform of the detachment of stock equity. By the positive analysis, the author deduct the Equilibrium Consideration Formula according to Policy Neutral Theory, Arbitrage Equilibrium Theory and the factors needing in listed companies'consideration plan, then analysis the 1264 listed companies on stock market,to get the result that the equilibrium consideration is 0.608, but the fact consideration is 0.302. The result says that the consideration pay during the reform of the detachment of stock equity is very inadequate, especially the companies at small-middle scaled market. The last part comes into a detailed conclusion which gives some exercisable suggestions and points out the shortages of the research.The creation of this article is to compute equilibrium consideration of 1264 listed companies by Equilibrium Consideration Formula, and compare it with fact consideration of public companies, in order to get the substantive result that the consideration to current stock's holders was inadequate in many companies. In addition, the author analysis some relative contents of the protection for common share-holders'rights during the reform, which include the fault of the detachment of stock equity, the theory of consideration, the protection of current stock's holders by law, the pressure of market scale expansion and the factors in consideration plan. These analysises have important practical meaning for the reform of the detachment of stock equity entirety and the protection for common share-holders'rights.