2009年股市限售股“大小限”解禁问题探析

The Analysis on the Lifting of "Limited size" of Non-tradable Shares in 2009

目前市场上的限售股分为股改限售股("大小非")、首发和增发限售股("大小限")以及股改对价和股权激励股份三类,其中第三类规模小,对市场的影响有限。"大小非"随着时间的推移,总量越来越少,最终将得到完全解决。但"大小限"是企业在全流通条件下发行股票时形成的,数量多、股东持股成本低,上市带来的冲击超过"大小非"。2009年6893亿股限售股解禁规模中"大小限"4656.58亿股,占比67.56%。本文侧重于对2009年"大小限"问题进行探析,并从股票发行机制等角度初步探讨解决问题的思路。

In the present stock market, non-tradable shares consist of stock sale restriction （＂non-size＂）, initial offerings and additional issues in non-tradable shares （＂limited size＂） and the consideration of share-reform and incentive stock options. The third kind has a limited impact on market because of small scale. As time goes on, the amount of ＂non-size＂ has been less and will be completely solved. But ＂limited size＂ is formed when the companies issue stocks u. Due to large quantity and low cost of share-holding, its public brings more impacts than ＂non-size＂. Furthermore, the public of ＂limited size＂ does not have to pay considerations and its amount will not be less along with new share issues. ＂Limited size＂ is more of a problem than ＂non-size＂. Approximately 465.658 billion shares, or 67.56% of non-tradable shares whose amount is 689.3 billion shares, are ＂limited size＂ in 2009.Therefore, mainly focusing on the analysis of ＂limited size＂ in 2009, the article explores available suggestions from the point of the issuing mechanism.