股权分置改革对国有股减持的意义

On the Reform of the Distribution of Stock Right and its Significance to the Reduction of State-owned Stocks

中国股市中存在的大量非流通股是中国股市区别于其他国家证券市场的一个最为独特的现象。上市公司股权分置改革的基本目标是通过非流通股股东和流通股股东之间的利益平衡协商机制,消除A股市场股份转让制度性差异的过程。在股权分置改革的大背景下,国家应当尽快开放证券市场,使与流通股同股同权的非流通股特别是国有股,在流通、转让中实现其最大的资本价值。

The existence of huge amount of non-tradable shares differentiates the Chinese stock market with its counterparts in other economies. The primary objective of reform of non-tradable shares of listed companies is to remove the difference of share-transfer on the A-share market by balancing the interests of tradable-share holders and non-tradable-share holders. The state should open securities market to foreign investors at an early date and put non-tradable shares, particularly those held by the state, under the same rules governing tradable shares in the securities markets, which will maximize the capital value of those shares through cireulation and transfer.