基于流动性风险理论的股权分置改革方案的研究

Study on Transitional Trading Market for State-owned Share by Liquidity Risk

从流动性风险角度研究股权分置改革,认为非流通股本身就不具有那么高的流动性,如果强行T+1减持,则A股市场将被冲垮。国有股减持政策的设计应当顺应非流通股流动性风险的本性,顺应非流通股相对于现有A股不具有流通性的本性,以T+X制度缓解非流通股转流通对A股市场的冲击和给A股市场造成的流动性风险。而且还能促进我国形成一定程度的公司控制权市场。流动性风险就是国有股流通问题的本质。全流通问题可以归结为流通性风险问题,全流通问题的实质就是流动性风险问题。

In this paper, we use liquidity risk theory to analye the transitional share market. Liquidity risk is the essence of state owned share question. This paper presents the scheme on optimization of China＇s listed companies＇ equity structure, It is the State that should give a transitional term, in case it will blow the share market index.