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股权分置改革试点虽已正式启动,不过,证监会只给出了解决股权分置问题的原则,具体方案由上市公司股东自主决定。这样的政策显得模棱两可、不负责任。本文试图解释在股权分置引发的四方(流通股股东、非流通股股东、场外增量资金持有者及弱势群体)博弈过程中,如何化解股权分置难题。
Although the pilot share reform program has been officially launched, however, the CSRC has only given the principle of resolving the share-trading problem. The specific proposals are determined by the shareholders of the listed company. Such policies seem ambiguous and irresponsible. This article tries to explain how to solve the equity division problem during the game of the Quartet (tradable shareholders, non-tradable shareholders, extra-terrestrial incremental fund holders and vulnerable groups) triggered by the split share structure.