從股權分置改革看利益相關者對企業價值的分享
摘 要 ：股權分置改革開始於2005年4月,旨在解決我國資本市場同股不同權,同股不同利的現象。股權分置使我國資本市場上2/3 的股份不能流通, 這不僅影響了我國資本市場的.資源配置調節功能, 而且造成我國股市價格扭曲, 資本市場成了上市公司的圈錢場所, 使廣大公眾投資者利益受損, 也不利於整個金融市場的健康發展。改革股權分置毋容置疑, 但也要認識到不能把資本市場的繁榮只寄託於股權分置問題的解決, 企業的體制改革也勢在必行。股改方案的核心是“對價”。對價的程度體現了利益相關者對企業價值的分享。本文試圖通過界定股改中的利益相關者,藉助博弈的理論分析他們的行為,探討股改方案（主要是對價程度）及其後續影響是如何體現利益相關者對企業價值的分享的。
關鍵詞：股權分置改革；利益相關者；企業價值；博弈
An analysis on how stakeholders share business value from the perspective of the non-tradable stocks reform
Abstract：The stockholders rights minute sets at the reform to start in April,2005, is for the purpose of solving the our country capital marketsame stock different power, same stock different advantage stockholders rights minute sets enables in our country capitalmarket 2/3 stock to circulate, this not only has affected our countrycapital market resources disposition adjustment function, moreovercreated our country stock market price distortion, the capital marketbecomes went on the market companys circle money place, caused thegeneral public investor benefit to suffer injury, also wasdisadvantageous to the entire money market health development. Thereform stockholders rights minute sets does not do allow to doubt,but also must realize to cannot only repose the capital marketprosperity to the stockholders rights minute sets imperative thequestion solution, enterprises organizational reform also. The stockchanges the plan the core is "to the price". Has manifested thebenefit correlation to the price degree to the enterprise value article attempts through the limits stock to change the benefitcorrelation, with the aid of the gambling theoretical analysis theirbehavior, how the discussion stock changes the plan (mainly is toprice degree) and its the following influence is manifests the benefitcorrelation to the enterprise value share.
Keywords：non-tradable stocks reform, stakeholders, business value, game theory