Abstract: The core of consideration in the share structure reform is to determine the compensation of circulating shareholders to non-circulating ones.This article is trying to build a bargaining model to discuss the consideration within a limit period of time and without a limit of time.Studies have shown that the results of consideration game between circulating shareholders and non-irculating ones depend on the ratio of each one's discount factor.Considering that government's supervision and the introduction of time restricdons increase the cost of non-irculating shareholders, the final stock-based compensation solutions can only be implemented within a certain range, which is a function determined by the proposal cost of noncirculating shareholders, the game number and the punishment cost.

Key words: equity division, bargain, consideration, game