摘要
本文对德国电信的国有股减持进行了案例分析,探讨了以下几个问题:(1)德国电信冒巨大风险通过证券市场减持国有股的制度背景是什么?(2)低迷的德国证券市场给国有股减持造成了什么样的障碍?(3)德国电信采取了什么样的策略将规模庞大的股票销售给了厌恶风险的德国投资者?(4)国有股减持的中长期效果是什么?研究的基本结论为,德国政府在投资者信心再造、证券市场制度重构、鼓励银行的参与和支持等方面取得的成功是关键因素。我国国有股减持也有着与德国电信相似的困难,因此研究也得出了一些对我国国有股减持有意义的启示。
Through a case study of Deutsche Telekom’SIPO, this paper explores the following issues: (1) Why Deutsche Telekom chose to take great risks to carry out its SIPO'via the securities market? (2) What obstacles did the depressed securities market bring about to the SIPO process? (3) How did Deutsche Telekom manage to sell its huge number of shares to investors? (4) Why the SIPO process turned out to be a good, rather than bad news for the securities market? The preliminary conclusion is: the rebuilding of investors’ confidence, the restructuring of the securities market institutions and the success of the propaganda campaign achieved by the government are the major reasons behind the story. China faces the similar situation as the Deutsche Telekom, our study also provides some suggestions for China's ownership diversification reform.
出处
《国际金融研究》
CSSCI
北大核心
2005年第7期50-57,共8页
Studies of International Finance
基金
国家社会科学基金"新金融条件下金融监管的组织结构理论与中国金融监管组织结构重构"(项目批准号:05CJY032)的资助。
关键词
国有股减持
民营化
公司治理结构
制度重构
SIPO
Privatization
Corporate Governance
Institution Restructuring.