全流通的“竞价调整配售”方案

Bidding-adjusting-selling Scheme for Free Negotiability of the Stock

全流通难题是影响我国证券市场规范发展的重要因素之一,寻求公正合理的全流通方案、妥善解决这一历史遗留问题一直是我国政府、学者和广大投资者所普遍关心的热点课题。文章在综合"配售类"方案和"股权调整类"方案的基础上,提出了"竞价调整配售"方案,该方案通过竞价、调整、配售三个环节妥善解决了非流通股和流通股的定价及保值等难题,其特点是切实保证流通股东和非流通股东的资产市值在该方案实施前后保持不变,因而具有较强的稳定性、公正性以及可操作性。

The free negotiability of the stock is one of the toughest problems in Chinese stock market, and it is a hotspot for Chinese government, researchers and investors to find a just scheme to solve this problem. In this paper, the bidding-adjusting-selling scheme for free negotiability of the stock is designed,through three steps,bidding,adjusting and selling,the puzzles like price-making,value-maintaining and etc,are solved properly,and the market asset value of the investors will be maintained from start to finish,the stability,equitability and operability of the scheme is obvious.