股权分置改革及国有上市公司股权分置改革方案选择-金融学专业论文.docxVIP

中文摘要 2005 年中国资本市场最核心的问题就是股权分置改革。股权分置改革是中 国资本市场以及国有资产管理体系中的一项具有历史性意义的重大事件。本次股 权分置改革的主轴是对价的支付，即非流通股股东通过对流通股股东支付一定的 对价以换取原非流通股的上市流通权。 本文以股权分置改革的对价为核心出发点，详细分析了股权分置改革的各种 对价方式及其配套措施，重点探讨了股权分置改革对价方式及配套措施对国有企 业经营及管理体系的影响，并为不同类型的国有上市公司的股权分置改革提供了 对价策略建议。 本文写作架构分为三个部分。 第一部分全面阐述了股权分置改革的背景和历史进程，归纳了股权分置改革 的各种对价理论、对价方式及其配套措施，详细分析了股权分置改革试点阶段以 及全面铺开后首两批公司的对价水平以及非流通股东的对价成本率。 第二部分分析了国有上市公司股权分置改革的进展及对价情况，并通过实例 研究，重点探讨了股权分置改革的不同对价方式以及不同配套措施对国有上市公 司及其国有控股股东的不同影响。 第三部分从现有国有上市公司经营及管理体系存在的主要问题和股权分置 改革目标入手，分析不同类型的国有上市公司应采取的不同股权分置改革对价策 略。 笔者希望本文能为准备进行股权分置改革的国有上市公司提供一定的解决 思路，协助其找到最适合公司实际情况和发展目标的股权分置改革方案。 关键词：股权分置；国有公司；方案选择 Abstract Split-share reform is the main character of china capital market in 2005. Split-share reform is a historical and important reform in capital market of China and the management system of State-owned companies. The main content of Split-share reform is the paid consideration, it means uncirculating shares will pay some consideration to circulating shares, in order to circulate. I will focus on the consideration of Split-share reform as my main opinion, and will explain the ways and methods of the consideration of Split-share reform. Also I will explore how the ways of the consideration of Split-share reform will influence the running and management of State-owned Company, and I still make some suggestions on the split-share reform of the different State-owned listing companies. It will be divided into three parts. The first part focuses on the background and historical process of Split-share reform. In this part I explain the theory and ways of consideration of Split-share reform. The second part focuses on the progress of the Split-share reform for the State-owned listing company and its consideration，and explore how the consideration of the Split-share reform will influence the running and management of State-owned listing company and it’s dominative shareholder by giving some examples. The third part tries to find the main problems and the aim of split-share refor