非流通股股东

上市公司增发新股将使非流通股股东财富增加，流通股老股东财富减少。

SEO leads to the fact that no-public shareholders ' wealth increase and public shareholders ' reduce .

因此，非流通股股东为使其财富增值最大，倾向于提高增发价格。

Thus no-public shareholders incline to raise the price of SEO to make their stock wealth maximized .

非流通股股东的利益主要是通过溢价发行、净资产增值和盈利分红来实现。

No-public shareholders realize their interests mainly through premium issue , net assets appreciation and money bonus .

非流通股股东拥有公司控制权。

Non-circulating Equity stockholders hold controlling rights of company , and financing strategy represents benefits of Non-circulating Equity stockholders .

可转债是控股股东掠夺中小股东（非流通股股东）的又一替代性工具，此种融资方式并不能改善公司业绩。

Convertible bond which can not improve company performance has become an alternative tool for controlling stockholders to expropriate un-controlling stockholders .

但，他说，非流通股股东为了让股份流通，应该付给其他股东一定的对价。

However , he said owners of non-tradeable shares should pay a price to other shareholders to have the shares listed .

结果表明，非流通股股东存在着选择能带来最小理论对价水平计算方法的偏好。

The findings show that the shareholders owning non-circulation stocks tend to select the method which can bring about the smallest consideration payments .

流通股股东获得对价的基础在于非流通股股东在股份发行之初有关所持国有股、法人股暂不流通的承诺构成与流通股股东之间的合同。

The basis of the consideration is that the promises of non-circulating shareholders constitute a contract between the shareholders and shares in circulation .

研究表明，分配现金股利使非流通股股东实现高回报率，流通股股东获得股票股利的较高短期收益率。

The result shows that non-circulated shareholders get high return rate by cash dividends , and circulated shareholders high return rate by stock dividends .

但可以肯定的是，全流通是一个博弈的过程，最终的对价方案取决于流通股股东与非流通股股东博弈的结果。

However , it is affirmed that the final consideration scheme lies in the game results of liquid share holders and illiquid share holders .

因此，内部经理人员控制和非流通股股东控制都会导致中国上市公司偏好增配，而当公司有较好的前景时则发行可转债融资。

Therefore , the controllers have prejudice on the equity refinancing since the firms are usually controlled by the managers or the non-tradable shareholders .

第三部分在委托代理理论的基础上分析了股权结构对公司绩效的影响，对流通股股东和非流通股股东进行行为分析。

Section Three analyses the impact of EOS on corporation performance and the behavior of both liquid and non-liquid shareholders based on the agency theory .

为协调流通股股东和非流通股股东两者的利益，非流通股股东必须支付一定的对价，作为取得流通权的成本。

Non-floating stock holders must pay certain consideration as the cost of getting circulation right in order to coordinate with the benefit between the two sides .

上市公司解决股权分置方案由非流通股股东、公司管理层、机构投资者、自然人股东之间的博弈决定。

The act of solve the split share structure in listed company is decided by non-negotiable shareholder , company government , institutional investor and nature person .

公司的非流通股股东正在积极协商，争取尽快提出股改动议，启动股改程序。

The company 's non-tradable shares are actively in order to reach as soon as possible changes to the proposed shares , the shares to start the process .

一些非流通股股东在为自身利益的考虑下，在股权流通限制解禁后，选择了抛售自己的股票，形成了所谓的大小非减持问题。

Some non-tradable shareholders choose to sell their shares after the restricted period out of their own interest , which formed the so-called share-reduction of the non-tradable shareholders .

公司董事会正在督促各非流通股股东就公司重新启动股改程序的时间与具体方案尽快达成共识。

Board of Directors is to urge the non-tradable shareholders on the company to restart the reform process with concrete proposals to reach a consensus as soon as possible .

普通股收益率的计算方法非流通股股东拥有公司控制权。

How to Calculate the Earning Rate of the Common Stocks Non-circulating Equity stockholders hold controlling rights of company , and financing strategy represents benefits of Non-circulating Equity stockholders .

股权分置时代，非流通股股东与流通股股东的利益分置格局使得以非流通股股东为主的大股东并不关注二级市场的股价波动。

In the time of partitioned stock structure , tradable and non-tradable shareholders have different interests , which make big shareholders ignore the stock volatility of the secondary market .

改革的成本由非流通股股东支付，是中国社会向市场化方向转型的必要条件，而如果由流通股股东承担，则意味着改革的倒退。

The cost of reform should be paid by the shareholders of the non-negotiable shares , this is necessary for the transition of the Chinese society towards market economy .

这种股权分置的状态，导致了非流通股股东和流通股股东之间的利益关系扭曲，使证券市场应有的资源优化配置的功能无从发挥。

This state of equity division resulted in interests of non-tradable shareholders and tradable shareholders distorted to the securities market being unable to play the functions of the resource optimization .

解决股权分置，可以使流通股股东和非流通股股东的利益趋于一致，并促进上市公司的治理结构完善以及资本市场优胜劣汰机制的形成。

Non-tradable share reform could reconcile the benefit of non-tradable shareholders and other shareholders , and perfect the mechanism of cooperate governance and survival of the fittest in the capital market .

公司乃一系列合约的连结，流通股股东和非流通股股东分别与公司形成独立的投资契约，两者之间形成的则是对公司权力配置与划分的契约。

Corporation is the connector of series of contracts , shareholders of stocks which can be traded in securities market and those can not form investment contract with the corporation respectively .

相对于这种最优的分配方式而言，上市公司分配现金股利损害了流通股股东的利益，但是对非流通股股东来说两种分配方式没有差异。

Distributing cash dividend will reduce the value of tradable shares comparing with the best method , while the two methods are the same for the value of non - tradable shares .

由于原有的非流通股股东超低的持股成本和资本市场价值的高估，大小非开始疯狂的减持操作。

The ultra low cost of the stocks hold by the original non-tradable shares , besides , the overestimate of the value of the capital market , have led to a crazy reduction .

对于非流通股股东而言，对其支付对价或补偿应该作为股权投资的投资成本，对于采用权益法核算的非流通股股东应该重新确定股权投资差额；

What 's more , to shareholders of nonnegotiable shares , the consideration or compensation they pay to shareholders of negotiable shares should be taken as the cost of long-term equity investment on stocks .

该对价支付率可以用于指导非流通股股东制定对价方案，并可以帮助流通股股东判断对价方案的合理性。

The optimum consideration payment ratio can be used for guiding the non-negotiable stock shareholders and making consideration schemes , and can also help the common share holders to estimate the rationality of consideration schemes .

2005年我国开始实施股权分置改革，非流通股股东通过向流通股股东支付一定对价的方式取得了流通权，从此以后我国股市进入全流通时代。

In 2005 , China began to carry out share-splitting reform , non-tradable shares can be traded in stock market after paying the price to the tradable shareholders , than our market goes into circulation age .

通过建立博弈模型我们认为，解决股权分置的基本思路应是通过各方博弈，由非流通股股东向流通股股东支付对价来获取流通权。

The paper discusses the basic ideas about solving the problem of shareholding splitting through constructing a game model , i. e. through games circulating right is achieved by non-tradable share holders paying consideration to tradable share holders .

两类股东之间存在着利益冲突，流通股股东以公司的市场价值最大化为目标，而非流通股股东则以每股净资产和控制权收益的最大化为目标。

Circulating Equity stockholders concern of the market value of company , while Non-circulating Equity stockholders concern of the net assets per capital and benefits from control rights . There are conflicts between the two types of stockholders .