Shareholder Structure Reform And Payment Consideration Research

The formation of the stock market in china is the production of the reform in stock market and financial system. During the development of the past ten years, the stock market of china has already become a key part of its national economy. Circulating shareholder and noncirculating shareholder coexist in the stock market, so as to lessen the restriction on notion and system to the state enterprise, to make mass state enterprises' entry to capital market possible, also to introduce foreign capital and make unique system design of our own in stock structure , the way in circulation and exchange. This system is called shareholder structure. If there were two types of stock with different currency base and run system , it will definitely result in the market division ,different judgments mechanism and stock price system in the market, which challenges the unification and integrity of markets and distort the resource collocation system and its efficiency .This article means to research the decision of payment consideration with respect to shareholder structure and history reform.In chapter one, related literature and academic comment are stated. This article mainly adopted the thought of property right and contract in New System economics and also it use for reference on related theory of Behavior financial theory. The research of literature is concentrated on domestic study.Chapter two will outspread from these aspects. First explaining the definition of shareholder structure, considering it as the production of system environment of last century .Then analyses the negative impact of shareholder structure, and answer for abnormal phenomena in stock market .Last analyses the substance of shareholder structure and its reform course and modern method on payment consideration.Chapter three will change its emphases to payment consideration. The theoretical analyses factors on marginal desire payment consideration, which admits shareholder structure and opportunity cost as the most important and have positive relation to payment consideration. In practice, the distance between payment consideration and marginal desire payment consideration results from information asymmetry. At last Behavior financial theory explains on the possibility that payment consideration will be rejected.This article's main conclusion is given in Chapter four.