So , it is difficult to establish modern corporation system unless structure of share ownership adapt to native reality . though western development countries had a lot of documents , it hasn ’ t formed a integrity theory system 我国上市公司的股权结构不合理:结构复杂、国有股“一股独大” 、非流通股所占的比重较大,这不利于公司治理结构的形成和治理效率的发挥。
A holder of non - tradable shares in a pilot listed company shall undertake that it will not list and trade or transfer its non - tradable shares for a period of at least 12 months from the date on which it obtained the right to list and trade the same 一)试点上市公司的非流通股股东应当承诺，其持有的非流通股股份自获得上市流通权之日起，至少在十二个月内不上市交易或者转让。
We conclude that the illiquidity discount is not the reason for consideration in the reform but the result of government policy and point it out that the illiquidity discount ratio is the non - tradable stockholders ’ bottom - line in the consideration 二是从流动性定价模型的角度分析了流动权的本质,并根据等效用原理建立了流动权定价模型,指出非流通股的折价是非流通股股东对价的底线。
Sections of the financial market have called for the government to push for a quick solution to the problem by using public funds either to compensate investors for any dilution of their stakes or to provide short - term support for the market while shares are sold 一部分人要求政府通过成立公众基金以补偿由于股权被稀释（而遭受损失）的投资者或者当非流通股上市时，给与市场短期支持。
In 2005 , the company traded steel products in 11 . 09 million tons , coal 4 . 65 million tons , iron ore 6 . 05 million tons , coke 1 . 86 million tons and steel billets 3 . 23 million tons , becoming the biggest comprehensive steel and metallurgical raw materials trading company in china 2006年3月29日，公司相关股东会议审议通过了股权分置改革方案：流通股股东每10股获得非流通股股东支付的3股对价股份。
Stock exchanges and securities depository and clearing institutions shall formulate business operation guidelines in accordance with the requirements of this circular and carry out the matters related to obtaining the right to list and trade non - tradable shares of pilot listed companies 七、证券交易所、证券登记结算机构应当根据本通知要求，制定业务操作指引，并办理试点上市公司非流通股股份获得上市流通权的有关事项。
When a holder of non - tradable shares in a pilot listed company sells its shares that have obtained the right to trade through listing and trading on a stock exchange , it shall issue an undertaking of step - by - step listing and trading and perform the related information disclosure obligation 五、试点上市公司的非流通股股东，通过证券交易所挂牌交易出售获得流通权的股份，应当做出分步上市流通承诺并履行相关信息披露义务。
At last , we get the esos price formula under chinese stock structure . we consider the effect of the feature of non - transferability , dilutive effect , the exit rate , the employee ’ s behavior , the compensation effect and the subjective discount rate , and non - circulated stock to esos value 在考虑了esos其他特征的情况下,该公式成功的将非流通股对esos价值的影响嵌入到该模型中,并通过模拟的方式检验了公式中的相关参数。
Appear on the market the stock of the company rises , its held some stocks to appreciate of course , but the blame that serves as holding company is current it is to cannot sell go out , can sell only piece current , but sell out of control of funeral of the likelihood after going out equity 上市公司的股票上涨，其持有的股票当然升值了，但是作为控股公司的非流通股是不能卖出的，只能卖出流通股，但是卖出后可能丧失控股权哦！
Shares of listed companes in our country are classified into nonnegotiable shares and negotiable shares . nonnegotiable shares include sponsor legal person shares , private placement of legal person shares , staff shares and state shares that include state - owned shares and domestics legal person shares 我国上市公司的股份分为非流通股和流通股，非流通股包括发起人股、募集法人股和内部职工股，国有股包括国家股和国有法人股。
