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承载着制度转折的历史使命,为给市场一个参照模式,本周在宣布股权分置改革试点工作正式启动的一周内,四家试点公司试点方案旋即亮相,首次给出了解决股权分置历史问题一个真实的注解和选项。目前这四家方案不约而同地采取了送股对价方案,实际是以不同的方式界定A股含权。究竟如何看待这几家方案的内含特征,怎样理解方案隐含的流通股东与非流通股东实际的利益让渡和补偿情况,在此我们请机构专业人士作一评价和比较。
In order to give the market a reference mode, this pilot program of four pilot companies was unveiled in the week of announcing the official start of the pilot share-reform program. This is the first time that the pilot program to resolve the history of share-trading has been given A real annotation and options. At present, the four programs invariably adopted the proposal of offering shares, which actually defines the rights of A shares in different ways. How do we think about the inherent characteristics of these plans and how to understand the actual transfer of benefits and compensation for the tradable shareholders and non-tradable shareholders that are implicit in the plan? Here, we invite institutional professionals to make an assessment and comparison.