股权分置改革(英语版).docVIP

毕 业 论 文 论文名称： Fairness of Non-tradable Share Reform——Analysis Based on the Character of the Non-tradable Shares 学 院： 金融管理学院 专 业： 金融学（中加合作） 学 号： 0513005 学生姓名： 常诚为 指导教师： 李晓周 2009 年 4 月  Contents ABSTRACT ………………………………………………………………… 2 摘要 ………………………………………………………………………… 3 1 Introduction ………………………………………………………………… 4 2 Summary of Split Share Structure ………………………………………… 5 2.1 Background of Split Share Structure…………………………………… 5 2.2 Problems Caused by Split Share Structure ………厖厖厖厖 of 3 Measures and Lessons of Non-tradable Share Reform厖厖厖厖trad 7 11 3.1 The Plan of Placing of the State Shares in 1999 厖厖厖厖?in 1 3.2 The Reduction of State-owned Shares to Raise Social Security Fund in 2001 厖厖厖厖厖厖厖厖厖厖厖厖厖?urity Fund in 4 Analysis of the Results of Non-tradable Shares Reform厖厖厖厖 dabl4.1 Judgment of the fairness of the compensation 厖厖厖厖厖 11 12 12 13 14 ompen4.2 Follow-up Response to The Market 厖厖厖厖厖厖?to up 18 5 Conclusions and Policy Rrecommendations 厖厖厖厖厖厖5.1 ionsndConclusions 厖厖厖厖厖厖厖厖厖厖厖?5.2 P 13 14 oolicy Rrecommendations厖厖厖厖厖厖厖厖厖 Reference 厖厖厖厖厖厖厖厖厖厖厖厖厖 on…………………………………… 5 2.21 21 21 23  ABSTRACT Split share structure refers to that the stocks are divided into tradable shares and non-tradable shares according to whether they can be traded on Chinese stock market. At the beginning of the establishment of Chinese stock market, due to ideological reasons, people were lack of understanding of joint-stock enterprises. In order to protect state-owned assets, the officials designed the split share structure. However, such a system, violating the basic market law “all shares have the same right”, made non-tradable shareholders occupy tradable shareholders all the time. This situation was an impediment to the development of the market. The management have made a number of reforms, and abolished this system in non-tradable share reform in 2005. According to the reform, non-tradable shareholders have to compensate for tradable shareholders. This reform