从股权分置改革看利益相关者对企业价值的分享
摘 要 ：股权分置改革开始于2005年4月,旨在解决我国资本市场同股不同权,同股不同利的现象。股权分置使我国资本市场上2/3 的股份不能流通, 这不仅影响了我国资本市场的.资源配置调节功能, 而且造成我国股市价格扭曲, 资本市场成了上市公司的圈钱场所, 使广大公众投资者利益受损, 也不利于整个金融市场的健康发展。改革股权分置毋容置疑, 但也要认识到不能把资本市场的繁荣只寄托于股权分置问题的解决, 企业的体制改革也势在必行。股改方案的核心是“对价”。对价的程度体现了利益相关者对企业价值的分享。本文试图通过界定股改中的利益相关者,借助博弈的理论分析他们的行为,探讨股改方案（主要是对价程度）及其后续影响是如何体现利益相关者对企业价值的分享的。
关键词：股权分置改革；利益相关者；企业价值；博弈
An analysis on how stakeholders share business value from the perspective of the non-tradable stocks reform
Abstract：The stockholders rights minute sets at the reform to start in April,2005, is for the purpose of solving the our country capital marketsame stock different power, same stock different advantage stockholders rights minute sets enables in our country capitalmarket 2/3 stock to circulate, this not only has affected our countrycapital market resources disposition adjustment function, moreovercreated our country stock market price distortion, the capital marketbecomes went on the market companys circle money place, caused thegeneral public investor benefit to suffer injury, also wasdisadvantageous to the entire money market health development. Thereform stockholders rights minute sets does not do allow to doubt,but also must realize to cannot only repose the capital marketprosperity to the stockholders rights minute sets imperative thequestion solution, enterprises organizational reform also. The stockchanges the plan the core is "to the price". Has manifested thebenefit correlation to the price degree to the enterprise value article attempts through the limits stock to change the benefitcorrelation, with the aid of the gambling theoretical analysis theirbehavior, how the discussion stock changes the plan (mainly is toprice degree) and its the following influence is manifests the benefitcorrelation to the enterprise value share.
Keywords：non-tradable stocks reform, stakeholders, business value, game theory