China's Listed Companies Tradable Share Reform

The stock market of our country develops very quickly from it's built up in 90's of 20th centuries, have already had more than 1400 listed companies up to now. Because of shortage of the understanding the market economy and the stock market at that time, A Stock market is artificially divided into share of the social public that can appear on market to circulate and shares owned state and the social legal person can't appear on market to circulate , this is share-equity segmentation. Since 2001 the stock market of our country suffers from share-equity segmentation, followed long 4 years boundless recession. The necessity and urgency of reform have already been approved by investors.The reform of share equity segmentation can trace back to selling the state-owned stocks in 1999, can be divided into two stages. 1999-2001, June is first stage, it is the obvious characteristic of this stage that reduces state-owned stock and pushes stationed stock to appear on market to circulate at the same time, the fact proves this kind of method was impassability; The second stage began from the May, 2005, obvious characteristic of this stage resolve with all strength to circulate to appear on market to circulate after, reducing to hold to take off hook and stationed, this is the point of this thesis.This paper studies the shares-equity segmentation reform of listed company, making the computing-considerations method to four kinds: Price/earning Rate Method, Market-to-book Rate Method, Exceeding offer Method and Constant value Method. Points out various merits and shortcomings of the method, the thesis puts forward the improvement suggestion. Computing to the considerations sum ether adopts an opposite value method to estimate the company value or adopts Constant-value Method which the neglects the change of the company after reform in the current reform project. The thesis puts forward the considerations computing model which is based on DCF mathematics, and pass the case instance its possibility.The thesis has induced and classified all kinds of ways of paying for the considerations appearing in the current reform project. Currently the evaluation of...