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股权分置改革对价的核心是确定非流通股股东对流通股股东的补偿。论文通过建立股权对价模型讨论了无时间限制和有时间限制股权分置对价问题。研究显示:流通股和非流通股东对价博弈结果取决于的双方贴现因子的之比。政府的监督和时间限制条件的引入使非流通股股东的成本加大,从而使最终的股权补偿方案只能在一定的范围内实施,补偿范围由是非流通股股东提案成本,博弈次数,惩罚成本确定的函数。
The core of the split share structure reform consideration is to determine the non-tradable shareholders compensation for shareholders of tradable shares. The paper discusses the problem of non-time-limited and time-limited right-to-market price through setting up the equity pricing model. The research shows that the outcome of the game between the outstanding shares and the non-negotiable shareholders depends on the ratio of the discount factor between the two parties. The supervision of the government and the introduction of time-limited conditions will increase the costs of non-tradable shareholders, so that the final equity compensation plan can only be implemented within a certain range. The compensation scope is determined by the proposal cost, the number of games, the penalty costs Determine the function.