国有股减持问题研究-金融学专业论文.docxVIP

摘 摘 要 (1990年12月和1991年6月，上海证券交易所和深圳证券交易所 相继成立，我国证券市场正式形成。10年来，我国证券市场有了长 足的发展并在筹集建设资金、推动国企改革、优化资源配置、增加国 家税收等方面起了重要作用。但是，由于历史原因，饿国的证券市场 采取的是类别股份——把上市公司的股票分为国有股、法人股和个 人股，国有股、法人股占股本总额的近70％，形成了我国证券市场 违背了股份经济的本质要求，而且也扭曲了证券市场的资源配置功一 的“一股独大”现象，且国有股、法人股均不能流通。这一现状不但 能。 党的十五届四中全会明确提出减持国有股以推动国有大中型企 业进行产权结构的多元化改造和建立规范的法人治理结构，真正将企 业的内在运行机制转换到市场经济方面上来。 【近几年，为配合国有股减持的实施，围绕国有股减持的研究已成 为经济学界的一个研究热点，本文章基本介绍和反映了目前该领域中 的最新研究成果和动态。目前国有股减持的思路主要有流通思路、变 性思路、综合思路和转换思路等，国有股减持的方式主要有协议转 让、拍卖、配售、回购、发行新股时存量减持和增发新股时存量减持 等。≥ 本文章在分析、参考各种国有股减持观点的基础上认为配售修正 案、回购修正案、折股修正案是当前具有一定现实性和较强可操作性 ——，————’h————一t————--，_一__～ 的国有股减持方案，并就国有股减持的速度、国有股减持的定价及国 有股减持变现资金的流向等问题提出了自己的见解。 ABSTRACTStock ABSTRACT Stock market in our country did not take shape until Shanghai and Shengzheng stock exchange was set up in December 1990and in June 1991 respectively．Stock market developed quickly and played a very important role in raising construction money，promoting the reform of state enterprise，making resourse equipment superior and increasing state’S tax etc during these 1 0 years．But what stock market adopt is category stock 一dividing stock into state stock，corporation Mock，private stock during which state and corporation stock is 70％in all stocks，but these two stocks cannot circulate．This not only violate the demand of stock economy,but make the function of resourse equipment in stock market out of shape． Decreasing state stock was put forward in the Fourth plan session of the central committee of the Fifteenth congress of the community party to give impetus to large and middle state enterprise carrying out variety reform on property right and building standard corporation administering structure，really tum enterprise’s operating system to market economics． In recent years，study on decreasing state stock has been a study in great demand in the economic field．This article introduces and reflects the newest study achievement and trends in this field．The primary thoughts about decreasing state stock present includes circulation