第三部分关于股改的法律效力。
第二部分关于股改承诺的法律界定。
The second part is about the legal definition of share reform promises.
即使是股改也未能彻底改变这一局面。
Even non-tradable share reform failed to thoroughly change the situation.
合理的股改对价应适度高于理论对价。
A reasonable practice consideration should moderately higher than the theory consideration.
截至本公告日，公司尚未聘请股改保荐机构。
As of this announcement, the company has not yet hired shares to institutional sponsors.
结合我国股改前后的市场特征，提出了相应的解释。
This paper gives corresponding explanations China's combined with characteristics of market before and after the split share structure reform.
在短期内，股改上市公司并没有获得财务绩效上的改善。
In the short term, the listed companies which completed the equity division reform was not improved in financial performance.
你如何驾驭这股改变之风将意味着顺风顺水或是惊涛骇浪。
How you pilot the winds of change can mean the difference between smooth sailing and rough waters.
股改并未对构成企业经营绩效的主要指标造成明显影响。
Therefore the share segregation reform have no significant impact to corporate key financial indicators.
研究发现：股改对关联交易的市场反应有显著的正向影响。
We find evidence that 1 The share reform has positive impact on market reactions to related party transactions.
是否是战略投资者，取决于商业银行股改后对投资者的回报；
Whether they are strategic investors depends on the returns to investors after commercial banks' Stock reform.
本文的研究表明，股改确实有助于规范上市公司的关联交易行为。
My study shows that the reform contributes to regulation of RPT.
由此引发了理论界对整个股改中涉及的相关法律问题思考与探讨。
This has resulted in a series of research and discussions on the relevant legal problems of share reform in the academia.
检验结果表明，股改前市场是非有效的，股改之后市场达到了弱式有效。
The results show that whereas the A-share markets were inefficient before spilt share reform, they have reached the weak-form efficiency after that.
相对于财务指标来说，上市公司的股本结构对股改对价水平的影响更大。
Comparing with the financial index, the equity structure index of listed companies has a greater impact on the consideration.
股改完成后对上市公司的质地的改善目前也无法从数据中得到有力证明。
The improving degree to corporate governance structure of our listed companies can't be judged by present datas.
接着总结股改至今尚未解决的几个问题以及股改对上市公司和投资者的启示。
The final of the paper is to summarize the problems of the reform of the detachment of stock equity, suggestions to investors and listed companies.
究其原因，外部因素难辞其咎，但是国内股改的“后遗症”同样成为众矢之的。
Not to mention the external factors, domestic share reform's "aftermath" is also a vector to the public.
正是基于上述两方面原因，“股改”后的上市公司有强烈的股票市值管理动机。
It is precisely because of these two reasons, after the reform of non-tradable shares, listed companies have a strong market value management motives.
本文针对我国股改中的百慕大权证提出了新的“模拟树-市场情绪”定价模型。
This paper puts forward a pricing model based on Simulation Tree and market sentiment for Bermudan warrants under Equity Division Reform.
我们相信预定六月中旬审批的深发展股改方案通过几成定局，届时股价将会飞涨。
We believe it is almost CERTAIN that the new share reform proposal will be approved in mid-June and the share price will FLY after it.
然而，在充分整合现有法律资源的基础上，却发现股改承诺并没有得到充分有效的兑现。
However, on the basis of integrating current law resource, the commitments of stock reform is not completely realized.
股改政策的实行，无论是从操作技术角度还是从法律角度，也都存在许多亟待解决的法律问题。
Whether from the perspective of technique or law, there exist lots of legal problems urgently need to be tackled when it comes to the implementation of share reform policies.
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.
研究结果表明：股改后综合得分总额有增加的趋势，表明股改使得上市公司的绩效有提高的趋势。
The results show that the total scores have the trend to increase, which means the reform enhances the performances of the listed companies.
大股东动机由股改前的“掏空”为主转而为股改后的“扶持”为主，尤其是大股东为国有控股的情形。
The motivation of controlling shareholders changes from 'tunneling' before the reform to 'propping' after the reform, especially when the controlling shareholders are of state-owned.
反映到股改承诺履行的过程中，必要的立法支持与司法救济的缺失将会使股改承诺的履行面临诸多障碍。
When it comes to the process of implementing the commitment, the absence of necessary legislative support and judicial relief will lead to obstacles from many aspects.
反映到股改承诺履行的过程中，必要的立法支持与司法救济的缺失将会使股改承诺的履行面临诸多障碍。
When it comes to the process of implementing the commitment, the absence of necessary legislative support and judicial relief will lead to obstacles from many aspects.
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