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股权分置改革的本质是非流通股东与流通股东之间关于非流通股流通权的讨价还价博弈,博弈主体是非流通股东与流通股东,而不是上市公司、历史流通股东等。对价博弈中,非流通股东拥有先动优势和耐心优势,不利于保护流通股东的权益;而“未完成股改,暂停再融资和股权激励改革”等措施,有利于纠正耐心优势;从先动优势看,应赋予流通股东以股改提案权。股权分置改革首先应保证程序理性;当前试点公司的股改结果并未真正进入全流通,对于试点之后进入股改的公司没有学习价值;应逐步试行全流通。在对价形式上,应简单合理,要有利于投资者进行价值判断;应摒弃复杂性和不确定性较大的权证方案。
The essence of non-tradable shares reform is the bargaining game between non-tradable shareholders and tradable shareholders about non-tradable shares. The main body of game is non-tradable shareholders and tradable shareholders, not listed companies and tradable shareholders. In the game of value, the non-tradable shareholders have the advantage of first mover and patience, which is not conducive to the protection of the rights and interests of tradable shareholders. The measures such as “unfinished stock reform, suspension of refinancing and equity incentive reform” are conducive to correcting the patience advantage; from the first mover advantage Look, circulation shareholders should be given the right to share reform proposal. The split share structure reform should first of all ensure procedural rationality; the current pilot company’s share reform results did not really enter the circulation, after the pilot into the share reform company has no learning value; In the form of consideration, should be simple and reasonable, to help investors to value judgments; should abandon the complex and uncertainty of the warrants program.