本文藉由流動性論(liquidity theory)和市場分割理論(market segmentation theory)可說明流通股股票相對於非流通股具有較高的流動性，所以交易價格較高，因此有較高的流動性溢酬。因此在股權分置改革使得股票全部流通，使原先流通股的流動性溢價消失，非流通股東須支付流通股東對價以補償其損失。本文首先探討完成股權分置改革公司的對價對流通股價值比，再依據最終控制人屬性分類和股改批次說明對價對流通股價值比是否有差異。再分別探討非流通股股東和流通股股東在支付對價以及獲得對價後的價值變化。從非流通股股東的觀點來看，股改後非流通股股東取得流通權，股票價值會提高，因此非流通股股東的價值會增加，然而為了取得流通權非流通股股東必須支付對價，導致價值減少，因此透過本文的分析探究股改後非流通股股東價值的變化；從流通股股東的觀點來看，股改後因流通在外的股數增加，股票供給增加導致價格下跌，流通股股東的價值會因此降低，然而流通股取得對價後價值會增加，因此本文也探討股權分置改革對於流通股股東價值的變化。結果發現非流通股在實施股改後價值增加了113.2%，流通股在實施股改後價値增加了22.7%，對價對流通股價值比為49.74%。迴歸結果發現非流通股價值變化與股改批次先後、對價對流通股價值比呈現負相關。流通股價值與國有控股型態以及對價對流通股價值比呈現正相關，與股改批次先後呈現負相關。

This study uses “the liquidity theory” and “market segmentation theory,” the lack of market liquidity reflects its crucial difference in premiums of tradable shares. Therefore, the reform of the split-share ownership structure allows all stocks tradable and eliminates its premiums. Moreover, those with non-tradable shares should pay considerations to compensate losses of tradable shareholders. First of all, this study is about to present the consideration value to tradable shares’ value ratio of listed companies having finished non-tradable shares and discuss whether or not there were difference in the ratio according to the attributes of working controllers and batches of reforms. Second, this study analyzes the changes of share prices after paying shareholder’s consideration. For non-tradable shareholders, the value of their shares will increase due to obtaining the right of trading shares. To possess the right, however, the non-tradable shareholders have to pay considerations, and that leads to decreasing share prices. For tradable shareholders, after the reform of split-share ownership structure, their stock prices are expected to decrease due to the increasing number of outstanding shares. The value of their shares, however, will rise along with gaining consideration. The study finds that non-tradable shareholders increase up to 113.2% after the reform, while shareholders with tradable shares increase up to 22.7%. The consideration value to tradable shareholders’ value ratio is 49.74%. The relationships between the change of non-tradable shareholders’ wealth which with the batch of the reform and the consideration value to tradable shareholders’ value ratio are negative. Then, the relationships between the change of tradable shareholders’ wealth and batch of the reform is negative, and the relationships between the change of tradable shareholders’ wealth which with the stated owned enterprises and the consideration value to tradable shareholders’ ratio are positive

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