In The Share - Trading Reform Research On Price

Because of historical reasons the listed company interior generally went on to form non- circulation stock and the circulation stock two kinds of stock in the China stock market. This has resulted in the system and structure of the market which has two types of shares of stock with different prices and power. This phenomenon is called "equity division." By the end of 2005 the total share capital of listed companies is 714.9 billion shares. Among the total share capital there is 454.3 billion non-tradable shares which is 64% of the total shares of listed companies. And state-owned shares account for 74% of the shares in circulation.The equity division of China's listed companies is the product of special conditions and background and is the combination of many historical factors. And it is also the system flaw which is caused by the inefficiency of economic reform and the unreasonable design of the system of the stock market. With the constant development of the securities market the flaw of "equity division" system appears day by day. To solve the "equity division" problem and let non- circulation stock turns to circulate inevitably involves that the non- circulation stock shareholders pay the consideration to the circulation stock shareholder for the circulation rights. Therefore, the theoretical basis of consideration, the level of payment and other issues have become the focus of debate among various stakeholders.Because government stipulates the rules of procedure during the period of the equity division reform this time, the research of theory basis and the payment level rationality of consideration will play an important role when we analyze programs of listed company during the revolution of equity division.This thesis is divided into four parts. It analyzes the process of the stakeholders during the consideration game and the different thoughts of all programs when non-circulation stock shareholders pay consideration to the circulation stock shareholders and gives the personal recommendations to ensure the fairness of consideration payment and the development of stock market.The creative idea of this thesis is it analyzes the effect of benefit relatives in the market on consideration besides the objective factors.