The Split Share Structure Reform In The Price Level Of Payment, Manner And Effect

Firstly, this article summarizes consideration modes appeared in Share Structure Reform into 3 kinds, including share adjustment, cash payment, and warrants issuance, and proves that consideration modes of share adjustment are completely equivalent to each other, and that consideration modes of share adjustment are equivalent to cash payment and cash payment is equivalent to warrants issuance when we neglect some subordinate conditions. Then it is concluded that when we neglect the subordinate conditions, all kinds of consideration modes can be unified as anyone of them, and comparison between different simple or even complex consideration modes can be made. Thus all kinds of considerations can be converted to a discounted ratio of stock price decline to figure consideration price of any listed companies paid in Share Structure Reform.Secondly, it is analyzed that tradable shareholders will suffer a great loss resulting from non-tradable shareholders'selling for profit encashment when they haven't paid enough consideration price in the Share Structure Reform, based on the fact that transfer prices of non-tradable shares are much lower than that of tradable shares, and comparison between the discount ratio of transfer price of non-tradable share to tradable share and the lower ratio converted from consideration price paid in the Share Structure Reform, by the conception of share price overflow between different transferring system in China.At last, it is analyzed which requirements should be met in a proper Share Structure Reform, including easing of massive selling of non-tradable shares by consideration payments, revival of financing function of stock market, sufficient maintenance of investors'legitimate...