Starting from the principles of economics theories，this paper states that the final aim of shareholder structure reform is to resolve the systematic problem in the term of low allocating efficiency and agent default in China stock markets. In our opinion，listed companies should find out a rational consideration ratios basing on fair policy principle．According to arbitrage theory，we set Rational Consideration Formula in equilibrium market．Empirical analysis on 46 experimental corporations and 72 firms carrying out the reform recently shows that，because of unilateralism in calculating principle of consideration ratios，some firms have made unreasonable consideration schemes．

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