上市公司国有股权转让的法律源变及启示

Listed company state shares transferring’s legal reason and inspiration

改革开放以来,国有股权转让的决定主体在政府与企业之间反复博弈,定价机制实现了从净资产定价到市场定价的转变,转让方式从封闭走向公开,审批效率从不确定走向确定。整个制度在政府与市场、国有股权所有人与代理人、政府之间的矛盾推动下,朝着市场化、公开化和制度化方向发展;但面临着合法性的挑战。

Since China introduced reform and opening policies, the body who is crucial to the transfer has been gaming between the government and enterprises, the basis of pricing mechanisms has changed from net assets to market value, the way and the procedures have been developing from close to public, and the stability of examination and approval has been improved. Finally, we can reach the conclusion： The relationships between government and market, owner and agent, government and government are the causes which is pushing forward the legal system in a direction of marketization transparency and institutionalization. However, it is still facing challenge from legitimacy.