我国资本市场股权分置改革的路径选择

Path of Share Merger Reform of the Capital Market in Our Country

股权分置存在行政强制性分置和市场自在性分置。目前要讨论的不是股权分置问题本身,而是已然启动的股权分置改革如何继续推进。股权分置改革在初始状态既定约束下,已经丧失以最小成本解决股权分置的可能。目前要从校正政策目标、统一对价基础理论、改进决策方式和增加政策制度供给等四个方面寻求次优解决路径。

There are two kinds for share merger, by administration and by market. It is not share merger itself but how to propel the share merger reform that is influencing the healthy development of the capital market in our country. Under the already existing origin situation, it has missed the possibility for share merger in the least cost. At present, the share merger reform should seek a secondary solution by emendating the goal of the policy, unifying the basic consideration theory, improving the method of decision--making, increasing the making of policies.