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中文摘要：
本文从经济学基本原理出发，重申股权分王改革的最终目的是从根本上解决我国股市存在的资源配王效率低下和主体缺失的制度性缺陷问题，认为合理对价支付比例的确定应该遵循政策中性原理，并根据套利理论推导出市场均衡条件下的对价公式，对46家试点公司和进入全面股改后推出的前两批72家公司的对价方案进行剖析，认为部分公司对价支付比例存在不合理的原因是方案确定的原则存在片面性。
英文摘要：
Starting from the principles of economics theories, this paper states that the final aim of shareholder structure reform is to resolve the systematic problem in the term of low allocating efficiency and agent default in China stock markets. In our opinion, listed companies should find out a rational consideration ratios basing on fair poficy principle. According to arbitrage theory, we set up Rational Consideration Formula in equilibrium market. Empirical analysis on 46 experimental corporations and 72 firms canting out the reform recently shows that, because of unilateralism in calculating principle of consideration ratios, some finns have made umeasonabh consideration schemes.
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