The Reform Of Assorted Shareholders And The Maximum Of Shareholder Wealth

The phenomenon of assorted shareholders infects the capital market of China greatly, and it leads many problems to the companies of China. From April.2005, the first and the second group of reforming companies have been carrying out their schemes. As the rate of being accepted is concerned, it varies from company to company."The same stock being entitled to the same rights and taking the same profit" is the foundation of capital market, based on which all the shareholders have the same object and wealth is in proportion. But reviewing the status in quo in China, the tow kind of shareholders has distinct rights and profits, which leads to the disproportion of their wealth and their separate object. None the less, these problems lead to distinct standard of financial decision, which demonstrates the call of reform, and the problems to settle.The article is composed of five sections, which are:The first section: in which the meaning of this research , the background, the documents, the target and so on are introduced;The second section: in which the form of assorted shareholders and the structure of Chinese company's shareholders and then the negative impact to the company are expatiated.The third section: the violation of "The same stock being entitled to the same rights and taking the same profit" principle and the division of cost, right and risk of the tow kind of shareholders are analyzed.The forth section: in which the different standard of the tow kind of shareholders is analyzed, and the impact on company finance of this phenomenon is probed into.The fifth section: in which the problems settled by the reform and prospect to the matched supervise.