文档介绍：华中科技大学
硕士学位论文
基于全流通的国有股减持方案研究
姓名:姜璐
申请学位级别:硕士
专业:企业管理
指导教师:王宗军
20040428
摘要
面对加入 WTO 后经济国际化进程的加快以及金融市场对外开放节奏的加速对
我国证券市场规范化市场化和国际化的要求也越来越迫切尽快解决“股权分裂
问题已成为各界的共识自 1999 年下半年开始我国已进行了几次国有股减持的尝
试但由于种种原因结果并不理想因而这样一个艰巨而复杂的课题已严肃地摆
在了我们面前要求做出既符合市场发展的客观实际又能被相关各方所接受从而
在实施中能平稳运作的现实答案
本文首先从股权分裂的危害性入手分析了课题的研究现状然后系统地回顾了我
国证券市场上国有股减持的历程在总结既往实践的经验教训的基础上提出国有股减
持必须在全流通的框架下进行因为尽管国有股减持和全流通是两个不同的
概念但国有股减持必须以全流通为基础否则就只是一种流于形式的减持难以真
正体现同股同权的原则难以真正形成产权明晰的企业制度接下来笔者对全流通
问题现有的研究成果进行了比较分析最后重点提出了自己的一套解决方案该方案
的基本流程是先解决全流通即让所有的股份都具有流通的权利再按照全流通后的
市价有计划分期分批地进行国有股减持本方案设计股份全流通的思路是保持股
份总量不变对原非流通股和流通股依据其现时价值占所有股份总价值的比重进行股
份数量的重新平衡分配对于非流通股的现时价值确定的课题本文提出了一项创新
以每股净资产为基础以平均净资产收益率和市净率水平为调整变量的计算方法

关键词股份全流通国有股减持流通股非流通股现时价值
I
Abstract
With the acceleration of economy internationalization course and financial market
opening, securities market’s standardization, marketability and globality are required
urgently, so all e to solidarity that the problem of “equity partition” should be
solved as soon as possible. The nation has attempted to lessen the state-owned shares since
the latter half of 1999, but for some reason, the result is not very good. So we should probe
into the scheme which will accord with the market developing practice, be accepted by all
and operate reposefully when it is carried out.
This paper starts with the harmfulness of equity partition as the research background,
and reviews the state-owned shares lessening course in our security market. Based on the
summary of the past practical experience and lessons, it is put forward that the state-owned
shares lessening must go along under the full circulation of stock. Although “State-owned
shares lessening” and “full circulation of stock” are two different concepts, state-owned
shares lessening must be based on full circulation of stock, otherwise it is a seeming
lessening, it can’t embody the principle of same stocks possessing the same rights, and
can’t form the corporation sys