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全流通试点展开后,市场关注的焦点从流通股和非流通股历史成本的差异转变为流通股东如何通过非流通股东、流通股的机构股东、流通股一般股东间的博弈来寻求市场化的解决方式。类别股东表决在试点中对中小股东极为关键。根据以往的经验,流通大股东在各方博弈的过程中有被“公关”从而“转向”的可能性。我们设计了“博弈系数”来简要计算中小投资者在分类表决中的抗衡实力。
After the launch of the full circulation pilot, the focus of the market shifted from the difference between the historical cost of non-tradable shares and the non-tradable shares to how the tradable shareholders sought market-oriented solutions through the game among non-tradable shareholders, institutional shareholders of tradable shares, and shareholders of tradable shares the way. Voting by category shareholders is crucial to minority shareholders in the pilot. According to past experience, circulation of major shareholders in the game of the parties have been “public relations” and thus “turn” the possibility. We have designed a “game factor” to briefly calculate the countervailing power of small and medium-sized investors in class voting.