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股权分置改革影响整个证券市场的发展,上市公司的非流通股股东应支付一定的对价。对价问题是股权分置改革的核心问题。本文从理论和实践两个层面,揭示对价的法律内涵,即将股改对价方案视为社会化契约的表现形式,提出影响对价的因素是多方面的,其支付方式也是多样化的。各上市公司在具体操作时,要结合市场运行的现状,制定适合自身发展的对价方案。
The split share structure reform affects the development of the entire securities market. Non-tradable shareholders of listed companies should pay certain consideration. The issue of price is the core issue of the split share structure reform. This article reveals the legal connotation of the consideration from two aspects of theory and practice, that is to say, the scheme of the share reform is considered as the manifestation of the social contract. It is proposed that there are many factors affecting the consideration, and the payment methods are diversified. All listed companies in the specific operation, combined with the status quo of the operation of the market, formulate a price for their own development programs.