文档介绍：对外经济贸易大学
硕士学位论文
有限制的股票流通是国有股减持的前提——再论国有股减持
姓名:崔巍志
申请学位级别:硕士
专业:金融学
指导教师:王健
20050401
摘要
随着中国大陆证券市场的发展股票市场日益成为社会资源有效
配置的重要场所然而由于该市场左右的股票由国家持有且
不能上市流通使得中国股票市场目前只发挥了筹资功能而其完善
公司法人治理结构优化资源配置等功能则略显欠缺因此随着证
券市场的不断发展国有股减持问题就显得日益迫切然而从 1994
年进行国有股减持开始减持计划就没有得到市场的认可股票价格
更是大幅下跌使得国务院不得不于年宣布对国内上市公司停
止执行上年度发布的减持国有股筹集社会保障资金管理暂行办法
中关于利用证券市场减持国有股的规定
本文从已实施的国有股减持方案所存在的问题入手详细分析了
二级市场和上市公司资金短缺问题流通性溢价形成的原因与结果
政策的不完整性和不严密性减持后出现的对社会公众股股民对债
权人对上市公司和非上市公司产生的不公平进而说明了股民对减
持的心理预期对股市所造成的影响又从国有股与流通股属于异类股
票引出限制股票流通是解决这些问题的有效途径而不限制股票流
通会带来的严重后果从而得出有限制的股票流通是国有股减持的前
提
在此前提下文章又从分析国外大规模减持国有股前先行立法的
经验得出用法律手段解决国有股减持问题从理论上和实践上都是市
场化合理的选择并提出立法建议有了法律做基础国有股减持就
I
可以在对第一信息人所持股票限制流通的前提下将国家持有的超过
持续经营大股东最低持股比例的股票根据企业的具体情况通过二
级市场以外的方式进行减持以尽量减少减持对股市造成的影响据
此笔者在分类减持原则下又提出具体的两种国有股减持方案股
转债和职工持股计划并分析了两种方案的可行性和收益
II
Abstract
The stock market is ing more important for the distribution of
social resources as the rapid growth of the security market in the main
land of China. While over 70% shares in this market are state-owned
which are forbidden to market, the stock market of China is functioning
as money raising only without perfecting corporative structure and
optimizing resources. Thus, the problem of reducing the state-owned
shares is ing more and more , the solution
hasn’t been recognized since its implementation in 1994. The shares price
decreases in a great extent, which has forced the state council paused the
regulation of reducing the state-owned shares by using the security
market in 2002.
This article starting the analysis from the current plan of reducing
the state-owned shares, such as the second level market and the capital
shortage of panies, the limitation and imprecision of policies,
the unfairness among mon stockholders, the creditors, the listed
companies and non-panies, which has concluded the influences
resulting from the stockholders psychological anticipation to the stock
market. The limited circu