何为股改的对价标准?这是一个在股改中始终引发巨大争议的问题。正是因为对价标准的缺失, 股改陷入了一种混乱的局面:流通股民在疾呼股改是一种侵权和掠夺,非流通股股东则声称是己方资产的流失,更有一些法律专家认定“股改是无效的法律行为”。在《新财经》2005年12月号《“重复博弈”与股改思路的调整》一文中,我们曾经根据“重复博弈”理论推导出股改博弈成功的条件是对价必须 What is the price of stock reform standards? This is a problem in the share reform has always caused a huge controversy. It is precisely because of the lack of consideration standards, stock reform into a chaotic situation: the circulation of stock investors in the call for stock reform is a kind of infringement and looting, non-tradable shareholders claim to be the loss of one’s own assets, some legal experts have identified “share reform Is invalid legal act. ” In “New Finance” December 2005 issue of “repeated games” and “adjustment of stock reform ideas”, we have deduced from the “repeated game” theory that the conditions for the success of a share reform game are that the consideration must be