两市场隔离阶段式并轨的非流通股流通方案

Theory on Transaction of the State-owned Stocks

解决非流通问题应坚持这样的原则,非流通股可以流通,但不应降低深沪股市A股的股指。可通过对交易制度的不同规定,初始时建立起两个资金面与参与者都相对隔离的市场并使两个市场的交易制度随时间的推移分阶段并轨,逐步缩小差异,价格上也就自然一直在并轨中。具体说,就是在深沪股市开辟解决一个非流通股流通的过渡市场,建立一个流通能力受限制、风险度高的股票市场,非流通股面向所有国内投资者和QFII竞价开市,该市场规则是每手成交量比A股市场高,每手5000股。对买入行为不加限制,但对于卖出实行T+365天,即买入之后,365天后才可卖出,连续实行三年T+365(即前三年中持有期够一年才可卖出),从第四年开始到第十年末这7年中,依次缩短为T+315,T+265,T+215,T+165,T+115,T+65,T+15,在第十年末与A市场实现制度合龙,也变为T+1制度,这样两市场自然就会出现同价现象,完成价格并轨,完成两市并轨。

This paper discusses the theory on transaction of the security of right to vote in state-owned stocks.The author points that we should create two markets of two transaction systems,and new market is lower present value due to a long term transaction system and high risk. At this market ,buy-out will find efficient corporate governance structure, and will motivate the managers to raise the value of investor, so the index of A stock will not be downed .