股权分置改革中的对价分析-金融学专业论文.docxVIP

摘 摘 要 摘 要 股权分置改革是现阶段中国股市的重头戏 对价则是股改中的核心问题 本 文首先阐述了对价的定义以及股权分置改革与支付对价的关系 随后对现阶段对 价支付中的主要理论依据 对价形式及对价方案中非流通股股东的承诺条款等基 本情况作了介绍和分析 特别指出了其中存在的问题 如对价理论依据不充分 部分试点公司对价水平偏低 部分试点公司对价方案太复杂及承诺流于形式难以 有效执行等 在剖析了对价支付的现状后 笔者对当前股权分置改革中的对价支 付提出了自己的看法 首先论述了对价应该包含的主要内容并在此基础上提出了 对价支付必须遵循的几个基本原则 包括认定对价行为 保障流通股股东利益在 改革后不受损失等 笔者还建议以年平均收益率法作为对价测算的理论依据并建 立了理论模型 该法是在全面追溯历史投入成本的基础上比较非流通股股东与流 通股股东的年平均收益率 以拉平两类股东的平均投入成本为对价原则并综合考 虑创业资本溢价因素来测算对价 本文还对中国股市的整体对价水平进行了简单 估算 最后 笔者对一些存在特殊问题的公司如何支付对价提出了自己的解决思 路 特别指出公司亏损 股价跌破净资产等都不能成为减少支付对价的借口并建 议主管部门出台相关配套政策保障股权分置改革中对价支付的公平性和合理性 关键词 股权分置 对价 Abstract Abstract Abstract Share merger reform plays a very important role in Chinese stock market at this stage, and consideration is the heart of share merger reform. Firstly, this paper refers to the definition of consideration and the relations between share merger reform and the payment of consideration. Then, I introduce and analyze some basic situations, which include the main theoretical basis of the payment of consideration at this stage and promissory provision of non-tradable shareholders in compensational type and style. Especially, it refers to the existing problem, such as the theory of consideration without enough evidence, the low level of consideration of some trial companies, the much complexed compensational plan and the lacking promise. With the analysis of the situation of present consideration, I point out my own opinion of the consideration of present share merger reform. First, it refers to the main content that consideration should be compensated. On this basis, I point out the payment of consideration must obey some principles: recognize consideration action, ensure the interests of shareholders in reform. I also make some concrete ideas that year-end rate of return rule tradable shareholders should be as the theoretical basis of consideration calculation, and set up a theoretical model. Year-end rate of return rule in it is, on the base of tracing invested cost, comparing the